14 DAY TRIAL // Patent trolls, or entities that enforce patent rights for the sole purpose of making easy money out of licensing fees, but having no intention of actually creating the product, have become a serious issue in the tech industry.
In order to fight the so-called patent trolls, Google has announced the launch of the Patent Purchase Promotion, its own marketplace where copyright owners can sell their licenses for a certain amount of money, based on the idea they have come up with.
In the official release, Google mentions that they are trying to fight these trolls who are currently hindering innovation because of their refusal to manufacture the products.
Those interested in selling their patents to Google will first have to submit them through a streamlined portal which will be available from May 8 until May 22 and set up a price for it.
Once the portal is closed, Google will make a thorough assessment of all the submissions and decide which ones are worthy to be acquired.
Google will make an evaluation of the patents
Those whose patents Google is interested in should receive a notification by June 26 and then be contacted by a representative to negotiate on the price, if needed, and conclude the deal. Google allows participants to set their own price and will purchase the patent if they find it useful and creative.
The program is open to both companies and individuals who are keen on creating new technologies.
All the legal details regarding the program are available on Google’s Patent Site, and those interested in submitting their patents are advised to discuss with a lawyer beforehand.
Although a praiseworthy initiative, it should be mentioned that it was not Google who came up with the idea of buying patents from innovative people, there are other companies out there doing the exact same thing. There is, for instance, RPX Corporation, an American company which provides patent risk management services, meaning that they only buy patents defensively.
Google announced that the project was still regarded as an experiment, but if things work out, it is very likely for such programs to take place regularly, supporting talented people and curbing the efforts of patent trolls.