Got a spare patent or two lying around, gathering dust and cluttering the place up? Google might be interested in taking those patents off your hands in return for cold, hard cash.
Yesterday,the search giant announced details of the Patent Purchase Promotion which will run from 8 May to 22 May. The move is an attempt to “remove friction from the patent market”, with the added benefit for Google that it will help the company to expand its patent portfolio. The online patent-selling portal has been designed to be accessible to smaller players.
As part of the program, patent holders have two weeks in which to submit details of their patents and how much they’d like for them. Google will then spend a month sifting through the submissions, separating the wheat from the chaff and deciding which it wants to splash the cash on. Google has given no indication of the sort of budget it has set aside for this program, nor expressed interest in any particular type of patent.
Google says: “By simplifying the process and having a concentrated submission window, we can focus our efforts into quickly evaluating patent assets and getting responses back to potential sellers quickly. Hopefully this will translate into better experiences for sellers, and remove the complications of working with entities such as patent trolls.”………..
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