Shortening the patent period (he suggests 3-5 years) will go a long, long way to addressing many of the current problems. It would incent companies to focus on

Shortening the patent period (he suggests 3-5 years) will go a long, long way to addressing many of the current problems. It would incent companies to focus on core inventions, instead of filing 20-year lottery tickets. Patent value to trolls would be greatly reduced, lowering the incentive for nuisance lawsuits. (Companies can continue to file new patents as they continue to innovate). It would increase the incentive for universities to commercialize ("get moving before the patent expires!"). In Jefferson's day, when information and innovation moved much more slowly, a 14yr patent period (now 20 in the US) made more sense. Today, it just means the set of in-force patents diverges wildly from the leading edge of innovation.