Google wants to buy your patent. Last week, it announced the launch of the Patent Purchase Promotion. It’s an experiment in creating a patent marketplace that’s simple, easy to use, and fast.
Google set up a web portal where businesses and individual inventors can provide the full details of each patent they own, along with a selling price. The first period for pitches runs between May 8th and May 22nd. Google’s representatives will examine the patent and provide a yes or no answer by June 26th.
Google is doing this to see if they can get ahead of the curve when it comes to finding new IP. The goal is to create a better and less complex transaction experience for IP sellers. Google hopes to acquire new IP technologies without the cost and litigation risk of dealing with NPE’s (non-practicing entities).
Is this a good deal for patent owners? The answer is it depends on what you’re doing with your patent. If the answer is nothing, then it may be a good option for you. Keep in mind, that pricing your patent is the tricky part. The challenge is often in the setting of a fair price. If your not using or generating revenues with your IP, it’s difficult to determine it’s value. You’ll need to do some research to see if you can find information on the selling price of similar patents.
You’ll also need to take into account the money you’ve invested into your patent, including your patent registration and maintenance fees, and your initial investment to develop your patented invention.
But just like any marketplace, the amount you actually sell your patent for will depend on what price you’re willing to accept and how much a buyer is willing to pay.
More information is available at the Google Patent Promotion Website.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges, and startup events. His first book, Hidden Wealth: The Money Making Power of Licensing was released in 2019 and is available on Amazon.com. He’s also a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.