Money spent on analysis and filing for patents is lost if firms don’t leverage them to gain competitive advantage, implement the technology or license it to customers.
As of today, It is estimated that billions of dollars are lost once a corporation abandons its patents before they expire. One typical way to recoup the cost is through the licensing, purchasing or exchange of Intellectual property. Some companies have an entire pendant of their organization dedicated for licensing patents, but most don’t have those types of resources or time to pursue such activities. Offering a marketplace solution would allow corporations to monetize their investment in technology development. Effectively fluidifying the IP market by facilitating transactions between interested parties.
Patent marketplaces already exist; however, a different actor is entering the fray. On May 4, the US Patent and Trademark workplace (USPTO) released a new IP marketplace platform named Patents 4 Partnerships.
The objective of this product from the USPTO is to help create a robust secondary market for patent assets. Hoping that in turn, it will help not only reduce the wasted potential and lost capital. But also would increase the chance of an affordable come back on investments in new technologies ANd would offer an incentive for even a lot of organizations to develop new inventions.May 13, 2020