Readers of this blog are familiar with the issues of Patent Trolls and Patent Troll Legislation. Google has responded to the problem by launching their newest addition to the Google Patent Programs: An experimental marketplace it’s calling the Patent Purchase Promotion – in essence, an attempt to beat patent trolls to the punch. The marketplace offers patent owners or those with equivalent rights the opportunity to sell their patents to Google while retaining licenses to use their own inventions for the life of the patent. Google will open a streamlined portal from May 8-15, 2015, in which patent holders submit information and prices for the patents they are willing to sell. Google promises to let submitters know which patents it wants to buy by end of June and pay for them by late August. Participants are limited to one patent per submission and Google will not buy any foreign assets or applications. Google says its intention with this program is to remove friction from the marketplace by letting Google do the buying. Google hopes this process allows for quick evaluations and responses, resulting in less complications and better experiences in the patent selling process.
Currently, the patent marketplace doesn’t offer many options for sellers, often leading them to work with patent trolls, from whom the entire industry suffers. Google is making the bet that not only it, but the entire industry, will save time and money if it can get to the patents first. If you consider selling a patent to Google, make sure you hire a trustworthy attorney to read the contract and advise you through the process. The patent attorneys at Cislo & Thomas LLP are happy to help you with all areas related to selling and licensing your patents.