The impact of the America Invents Act on small businesses

The Small Business Administration Office of Advocacy contracted the Bella team to evaluate the impact on small businesses of the 2011 Leahy-Smith America Invents Act, the most substantive change to U.S. patent law since the 1950s. To rigorously assess the legislation’s impact, we performed three quantitative analyses: a public company event study, a venture capital financing analysis, and an investigation of a similar patent law shift in Canada in 1989. We complement the empirical findings with an extensive literature review and insights from interviews with various industry experts.