Google wants to buy your patent.  Last week, it announced the launch of the Patent Purchase Promotion. It’s an experiment in creating a patent marketplace that’s simple, easy to use, and fast.

Google set up a web portal where businesses and individual inventors can provide the full details of each patent they own, along with a selling price.  The first period for pitches runs between May 8th and May 22nd. Google’s representatives will examine the patent and provide a yes or no answer by June 26th.

Google is doing this to see if they can get ahead of the curve when it comes to finding new IP. The goal is to create a better and less complex transaction experience for IP sellers.  Google hopes to acquire new IP technologies without the cost and litigation risk of dealing with NPE’s (non-practicing entities).

Is this a good deal for patent owners?  The answer is it depends on what you’re doing with your patent. If the answer is nothing, then it may be a good option for you.  Keep in mind, that pricing your patent is the tricky part.  The challenge is often in the setting of a fair price.  If your not using or generating revenues with your IP, it’s difficult to determine it’s value. You’ll need to do some research to see if you can find information on the selling price of similar patents.

You’ll also need to take into account the money you’ve invested into your patent, including your patent registration and maintenance fees, and your initial investment to develop your patented invention.

But just like any marketplace, the amount you actually sell your patent for will depend on what price you’re willing to accept and how much a buyer is willing to pay.

More information is available at the Google Patent Promotion Website.

Mr. Brenner has over 30 years IP management and licensing experience with various industries including consumer products, food, entertainment, software,health technology, medical devices and digital media. He has led international licensing programs as both licensee and licensor, and through consulting projects focused on strategy and management, outbound / inbound licensing initiatives, and IP audits and due diligence.. He has developed and managed deals with Fortune 1000 companies including Universal Studios, Fox Interactive, Sony Pictures, Dow, Cargill, SmithKline Glaxo, Ranir, Coca Cola, Kellogg’s, Hasbro, Mattel, and others. He is a public speaker and published writer, and has taught classes at the university level. His speaking events have included UC Irvine, Tritech/SBDC, Irvine Chamber, Fast Start Studios, ICFO Investors Conference, San Diego Investment Conference, Westlaw Legal Center (NYC), National Speakers Association, and the Hong Kong FilmArt Expo. He has written several articles on licensing intellectual property which have appeared in the Licensing Journal, Intellectual Property Magazine, and License India.

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