Calling all patent owners – some of the world’s largest companies including Google, Apple, IBM, Microsoft, Facebook, Adobe, SAP, Ford, Honda, Hyundai, Kia Motors, Verizon, Cisco and Arris want to buy your patents!
IP3 is a marketplace that offers patent owners a quick and easy way to access the secondary market and receive fair value for their patents.
For a two-week period, patent owners with great patents can submit their patents for consideration by leading multinational companies representing more than $2.5 trillion in combined enterprise value.
Starting May 25, 2016, through June 8, 2016, patent owners can submit their patents to the IP3 portal at a price they set. AST will then review the submissions, and if one or more of the participating companies are interested in funding the purchase, submitters will be notified by July 29, 2016.
Participants in IP3 include a wide array of industries including enterprise software, automotive companies, cable providers, networking communications equipment, semiconductor manufacturing, information technology and location-based services.
IP3 builds on the innovative approach taken by Google with their successful 2015 Patent Purchase Promotion (PPP), offering patent owners access to a well-funded buying consortium with no haggling. We created IP3 to try an innovative way to simplify patent owners’ access to the secondary market by eliminating the common hassles associated with it – like the need to prepare claim charts.
In short, patent sellers need to only identify the patent family and price at which they are willing to transact, IP3 does the rest!
There are several buying categories: Computers and Software; Consumer Electronics, Communications; Semiconductors & Components; Healthcare/Medical; Automotives; Lighting; and Financial Services. The submission form will be available, here. The terms and conditions sheet is available, here. The license agreement is available, here. And, if you miss the deadline, you can always contact Allied Security Trust—“Trust in Us -- Minimizing Threats from Adversarial Patents.” It will be interesting to see how much information is disclosed about the outcomes of the program. Notably, the license agreement has “Confidential” stamped all over it. I wonder what valuations may look like post-Enfish. I am also curious to see IP Draughts Mark Anderson’s analysis of the agreement. (I thought his analysis of the prior license agreement was very helpful.) [Hat tip to Professor Lucas Osborn of Campbell University Norman Adrian Wiggins School of Law]
The Aistemos weblog has also written on this development: http://blog.aistemos.com/2016/05/would-you-sell-your-family.html
We have asked some questions about IP3 and are also hoping to get further information from AST. And, like you, we are looking forward to Mark Anderson's comments!
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