Announcing the Patent Purchase Promotion

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.
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 . Then bad things happen, like lawsuits , lots of
wasted effort , and generally bad karma . Rarely does this
provide any meaningful benefit to the original patent owner.
So today we’re announcing the Patent Purchase Promotion
as an experiment to remove friction from the patent market.
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. If we contact you about
purchasing your patent, we’ll work through some additional
diligence with you and look to close a transaction in short
order. We anticipate everyone we transact with getting paid
by late August.
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.
There’s some fine print that you absolutely want to make
sure you fully understand before participating, and we
encourage participants to speak with an attorney. More
detailed information about the Patent Purchase Promotion
is available on our Patent Website , including all the fine
print, the form to make a submission (which won’t go live
until May 8), and details about what happens if Google
agrees to buy your patent. Throughout this process, Google
reserves the right to not transact for any reason.
We’re always looking at ways that can help improve the
patent landscape and make the patent system work better
for everyone. We ask everyone to remember that this
program is an experiment (think of it like a 20 percent
project for Google’s patent lawyers), but we hope that it
proves useful and delivers great results to participants.
Posted by Allen Lo, Deputy General Counsel for Patents

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