I read an interesting article in the February 13, 2006 issue of Business Week. A gentleman by the name of Dean Becker has, in my opinion, a brilliant idea - selling patents via auction.
This April, Ocean Tomo will have its first auction at the Ritz-Carlton in San Francisco where it will sell off rights to everything from earth imaging technology to shrink wrap.
As Mr. Becker correctly notes in the article, patents, patent licensing, and patent selling have traditionally been high priced and often arduous endeavours.
Not so for Ocean Tomo's patent auction it seems. So far, according to the article, more than 1,200 patents have been submitted to Ocean Tomo for sale from such companies as AT&T, Bell South, American Express, and Kimberly Clarke. Also up for sale are 48 patents filed by one William L. Rebber, an engineer formerly with Walt Disney Co. and Motorola Inc.
I do not know whether this concept will succeed but I certainly hope that it does. The original intent of patent law was to give inventors certain rights over their invention in exchange for divulging the facts of the invention to the world.
However, in today's business climate, patents have become a tool and a weapon used by large corporations to intimidate and block their competitors. Perhaps this auction process will assist the public (in its broadest sense) in regaining some of the balance. Hopefully it will also encourage individuals (as opposed to corporations) to go through the process of patenting things that they have invented but have felt too scared to do anything with.
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