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Google aims to make selling your patents easier with the Patent Purchase Promotion
In an effort to bolster its already gigantic patent portfolio, Google today announced the Patent Purchase Promotion. The company describes this as an “experimental marketplace” for patents that aims to remove as much friction from the patent market as possible. How so? Well, the patent market is already a very frustrating thing, especially for smaller patent owners who sometimes end up working with patent trolls. People can lose money very quickly in these scenarios, and Google would like to save you from the hassle.
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.
Google expects everyone it transacts to receive full payment by the end of August.
To learn more about the Patent Purchase Promotion, head on over to the official Patent Website to read the fine print. This should go without saying, but Google also recommends you get in touch with your attorney before submitting your application.