Have a patent for a flying machine collecting dust? Why not sell it? Google on Monday announced a new marketplace where it hopes inventors will post patents available for sale, which Google can then peruse and pick from. The program is called the “Patent Purchase Promotion,” and it’s currently in experimental stages, Google said.
“Unfortunately, the usual patent marketplace can sometimes be challenging, especially for smaller participants who sometimes end up working with patent trolls,” Google explained. “Then bad things happen, like lawsuits, lots of wasted effort, and generally bad karma.”
Google said the Patent Purchase Promotion program will remove that “friction” and will allow inventors to offer patents to Google for purchase at any price they set. The promotion will run from May 8 to May 22, after which Google will review all of the technology and reach out to owners of the patents it’s interested in. “We expect everyone we transact with getting paid by late August,” the company noted.
Google said folks interested in the promotion should hire an attorney because there’s “fine print that you absolutely want to make sure you fully understand before participating.” Additional details are available on Google’s patent website, which is included in the source below.