Google on Monday announced an experimental marketplace, called the Patent Purchase Promotion, for those who want to sell-off their patents directly to Google. Company believes that this will help “remove friction from the patent market” and complications of working with “patent trolls”.
Patent owners sell patents for numerous reasons (such as the need to raise money or changes in a company’s business direction). Unfortunately, the usual patent marketplace can sometimes be challenging, especially for smaller participants who sometimes end up working with patent trolls.
Next month, from May 8 to May 22, Google will open the portal for interested patent holders. Once the interested candidates submit their applications, Google will review it and will inform the submitters about whether the company is interested in buying their patents or not by June 26.
All the details regarding the Patent Purchase Promotion campaign is available on Google’s Patent Website.
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.