Current patent and copyright law is stifling innovation by protecting entrenched interests (e.g., Disney Corporation) rather than fostering social good.
Academic research widely supports reducing patent and copyright terms to 15 years.
For example: http://archive.mises.org/17319/optimal-patent-and-copyright-term-length/
Empirical evidence supports the reduction of terms even more drastically: http://www.ted.com/talks/johanna_blakley_lessons_from_fashion_s_free_cul...
Consider additional reforms, especially with regard to software patents. Software has much lower capital costs than physical goods & services.
Informative articles:
http://blogs.hbr.org/cs/2012/12/how_corruption_is_strangling_us_innovati...