Search giant Google has invited patent holders, both companies and individuals, to sell their patents to the company as a part of its Patent Purchase Promotion program, an experiment designed to streamline the process of selling patents, particularly for smaller participants. Google is quite active in the patents market and offers its own Google Patent Search tool.
The company said in a blog post that the patent marketplace will allow patent owners to pitch their individual patents to Google along with the price at which they are willing to sell them. Patent holders will be able to make their submission online from May 8, 2015 through May 22, 2015, after which, Google will review the patents and inform submitters whether it is interested in the patents by June 22. If Google decides to purchase the patents, the sellers will be paid towards the end of August, 2015 via direct ACH bank transfer.
According the Patent Purchase Promotion FAQ page, patent owners or anyone with the permission from the patent owner to sell the patents, can apply for the program. The catch is that patent owners will not be able to submit entire families of patents but individual patents only. However, patent owners can make as many individual submissions as they want to. Google said that the reason for this is that they want to keep the process as simple as possible. Also, only US patents qualify for this program.
Once Google decides to purchase a particular patent, the patent owners will not be allowed to change the price provided for the patent at the time of submission. Also, patent owners will not be able to offer the shortlisted patent to other buyers after Google initiates the purchase process. The company mentioned that sellers will be retain a license back to their patents if they want to continue to practice the invention covered by the patent.
However, Google stated that as this is an experiment, it does not know the kind of response it would get in terms of submissions; therefore, large submissions could push back the deadlines mentioned by the company. Google also strongly advised patent sellers to consult with a lawyer before initiating the process.
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This post was contributed by Abhishek Tiwari. The Intellogist blog and Intellogist are provided for free by Landon IP, which is a CPA Global company. Landon IP is a major provider of professional services meeting the needs of the IP community, including patent searches; analytics and technology consulting; patent, legal, and technical translations; and information research and retrieval.