Google Wants To Buy Patents, Plans May 8 Promotion Around That
In an attempt to reduce “friction” in the patent market, Google is inviting patent holders to sell their patents to Google, Google Deputy General Counsel-Patents Allen Lo wrote in a blog post Monday. “The usual patent marketplace can sometimes be…
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challenging, especially for smaller participants who sometimes end up working with patent trolls.” Lawsuits, wasted efforts and bad karma can happen without “any meaningful benefit to the original patent owner,” he said. Google’s Patent Purchase Promotion will be open May 8-22. Patent holders will be able to tell Google about the patents they’re willing to sell at a set price, Lo said. After the portal closes, Google will review the submissions and let patent holders know by June 26 if Google is interested in buying the patent, Lo said. “There’s some fine print that you absolutely want to make sure you fully understand before participating,” Lo said, which is why Google recommended participants speak with an attorney. More information on the experimental Patent Purchase Promotion is on Google’s Patent Website.