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Google To Start Buying Patents

Copyright Background Conceptual Design.Own a patent and need some extra cash? Sell it to Google!

Starting May 8th 2015, and running till May 22nd 2015, Google is launching a portal program to allow patent holders to sell them to Google. Owners will be able to submit information on their patent and a price point they would like to sell for. Google will then review the submissions and decide if they are interested in the intellectual property. If Google decides to purchase your patent, payment is expected to be made by late August.

There are a few small details patent owners need to be aware of. Only one patent can be submitted at a time, even if it’s part of a family. The For Sale price assigned by the owner cannot be adjusted if Google decides to acquire your intellectual property. At the same time, owners are under an agreement not to seek other bids once the submission to Google has been completed.

“We’re always looking at ways that can help improve the patent landscape and make the patent system work better for everyone,” Allen Lo, Google’s deputy general counsel for patents wrote in a blog post. “We ask everyone to remember that this program is an experiment, but we hope that it proves useful and delivers great results to participants.”

Just remember: be smart. If you’re interested in selling your patent, seek legal counsel first.

(Image Source: iCLIPART)