Google announced Monday that it would be opening up its very own patent marketplace.
“We invite you to sell us your patents. The Patent Purchase Promotion is an experimental marketplace for patents that’s simple, easy to use, and fast,” said the company in a blog post. This new program looks like its going to be a straight forward, no bells or whistles, initiative that sounds like American Idol for inventions. Inventors from around the country are welcome to submit patents and Google will decide if it is willing to pay for them. The window is short for a chance at Google buying your patent, as it will only keep the marketplace open from May 8 to May 22.
So, how much will Google pay for your patent? There is no negotiation on the pricing whatsoever. Would be patent sellers attach a price to their prepared pitch and Google has the choice of accepting or rejecting the asking price. Google explains “From May 8, 2015 through May 22, 2015, we’ll open a streamlined portal for patent holders to tell Google about patents they’re willing to sell at a price they set. As soon as the portal closes, we’ll review all the submissions, and let the submitters know whether we’re interested in buying their patents by June 26, 2015”
Google is hoping that by bringing some transparency to the market it will offer inventors some alternative to patent trolls or NPE’s (non practicing entities.) These organizations exist for the sole purpose of purchasing patents but do not actually produce or manufacture a product. Instead they leverage these patents with larger companies that wish to use the patented technology, or they sue them. This new program will bring a new level of simplicity and security for inventors looking to sell their patents.
Google has not specified how much it plans to spend on this program, but it is expecting a high volume of submissions in the relatively short two week submission period.