To combat the trolls that plague the patent industry, Google announced the Patent Purchase Promotion today, a platform to allow patent owners to easily sell their patents to Google.
Google knows that in the wrong hands, a set of patents can cause serious issues for businesses all over the place, including lawsuits and wasted efforts. Seriously, when was the last time you ever heard anything good come from patent trolls?
The process of selling is rather simple, but since we’re talking legal mumbo jumbo and lawyer-centric happenings, read what Google states below regarding potential sellers of patents.
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.
If we contact you about purchasing your patent, we’ll work through some additional diligence with you and look to close a transaction in short order. We anticipate everyone we transact with getting paid by late August.
As you just read, the process is extremely straightforward, at least from the outside looking in. I’m no expert in patents, so Google offers a very helpful FAQ right here for more details on the promotion.
If you don’t want to deal with patent trolls, and would rather get a nice little check from Google, get your submission ready.