With all these patents- Can the future generation innovate?

Thomas Jefferson once wrote

“It would be curious then, if an idea, the fugitive fermentation of an individual brain, could, of natural right, be claimed in exclusive and stable property.”

There is no doubt that people need to be properly compensated for whatever it is that they invent. Some choose to give away their findings for the good of the public. Those who choose to be compensated should also not be condemned in anyway whatsoever. 

However, the problem arises when people use the smokescreen term called Intellectual Property to take out patents the size of Africa, so much so that the mere thought of their invention can attract a law suit.
I am no legal expert nor an attorney, but what bugs my mind is how the future is going to be like given how governments keep doling out patents like biscuits to mega corporations.
Is there going to be room for innovation? Can people keep coming up with ideas without fear of being sued to the stone age? To what extent can small firms flourish in the future if mega corporations own all the patents of the world?
These and more other questions really bug my mind. Perhaps you might help me find answers to them?

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