There are more than 2 million active U.S. patents, representing trillions of dollars of R&D investment, but the patent market is massively inefficient so all this innovation is lost or frozen, says Jay Walker, Chairman of Patent Properties and founder of Priceline. Patent Properties seeks to solve the impasse by leveraging "Big Data" technologies in order to allow inventors and companies to engage in a "no-fault" patent licensing process that will provide an affordable alternative to the court system for the mass market of patent owners and users.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

If you liked this article you might like

AOL Eyes Miller; PurchasePro Confirms Probe

AOL Eyes Miller; PurchasePro Confirms Probe

PurchasePro's New CEO Starts by Admitting the Obvious

PurchasePro's New CEO Starts by Admitting the Obvious

Palm Brings On Someone to Help With the Hardware

Palm Brings On Someone to Help With the Hardware