Uber has launched a patent purchase program called, “UB3.” The program sounds very similar to the one founded by Google and run by Allied Security Trust. Indeed, the announcement by Uber references the Allied Security Trust program, “IP3.” The development of the program arrives during Uber’s much publicized suit involving Google. Interestingly, this is perhaps a move by Uber to build a patent portfolio to be used in acquiring negotiation leverage, and thus freedom to operate. Additionally, the value of some patents may be rising because of changing Federal Circuit law and the belief that the Patent Trial and Appeal Board at the United States Patent and Trademark Office is easing up on patents, so to speak. Uber’s press release states:
The current market for patents is extremely challenging, especially for sellers. There is a ton of friction in the secondary market for all parties, but with our new UP3 program, sellers will submit patent family details and a price they are willing to accept directly into our submission portal. By eliminating price negotiations and providing quick reviews, UP3 will reduce the total transaction time compared to a typical patent transaction.
It is also clear that sellers want the flexibility to package multiple patents into a single submission. That’s why the UP3 program allows sellers to submit portfolios of up to five (5) patent families in one submission. That way, sellers can group patent families that complement each other in a way that best markets their assets.
Our short timeline will speed up patent transactions. The UP3 submission portal opens April 24, 2017 and closes May 23, 2017. After the submission period ends, Uber will review the submissions and provide sellers with our decisions by July 7, 2017.
The Uber website includes helpful frequently asked questions with answers, the patent purchase agreement, additional information, and submission terms and conditions. The submission form will be available on April 24, 2017.
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