Google just launched an experimental program that will enable it to purchase patents from interested sellers. The company reports that its “Patent Purchase Promotion” is set to start next month. It aims to remove friction in the patent market from patent trolls and lawsuits.
Google’s new patent portal
The online portal enables patent holders to list the patents they have for sale while setting their prices. The only downside to this marketplace is that it is limited to just a few weeks. Google’s platform will launch May 8 and end May 22. The decision to keep the platform open for a limited time means Google has to work quickly to decide which patents to buy.
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If and when Google decides to purchase a patent, the tech giant will still have to work with the other company to close the transaction in short order. The company added that all the transactions should be complete by late August.
The experimental platform
Google confirmed that the platform was only an experiment. It equated the project to a 20% project for the search giant’s patent lawyers. This program once allowed employees to spend work time on unofficial projects that may one day translate into new business. Patent trolls are a huge problem thanks to their numerous deceitful tactics. Patent trolls were recently the brunt of a joke on Last Week Tonight by comedian John Oliver. He said labeling them patent trolls was an insult to real trolls.
Companies considering selling their patents to Google may want to consider their options before selling them to the search giant. The tech giant shared its “fine print” on the patent website and recommends sellers speak to their lawyers before filling out submissions. Google adds that it has the right not to go through the transaction for any reason. The new program offers Google a real chance to see what patents are out there and which ones may be a concern.