Patent reform has been the topmost agenda in US Economic Reforms. The key priorities of Obama Administration, mainly stimulation of economic growth and generation of employment opportunities, recognized technological innovation as a means to reinstate economic momentum. The patent reform is considered as an essence to foster innovation, encourage competition among countries, and stimulate job growth and to guard companies from misuse and abuse of the patent system. The Smith-Leahy America Invents Act (Smith-Leahy Act/AIA), signed by President Obama on September 16, 2011 is the fulfillment of long cherished dream of American entrepreneurs. The new speedy process enables American entrepreneurs to bring their inventions to market more rapidly there by generating more job opportunities. Better assurances are offered to patent applicants and owners under this law. Additional steps were introduced by the president, to utilize the ideas from American’s universities and research labs.