Google launched a marketplace for companies to sell their patents, earlier this year in April. Now, Google has launched a new initiative to give away some of its own patents for free, to eligible startups.
Google’s patent marketplace allows patent holders to tell Google about patents they’re willing to sell at a price they set. Google hopes their Patent Purchase Promotion would remove friction from the patent market.
“Today, the search and mobile giant is expanding that marketplace in the other direction: Google has started a program for startups to give away up to two non-organic patent families off Google, as well as potentially make offers to buy patents from it in the future. It’s tying up the offer with a requirement to join the LOT Network, a cross-company licensing push (others in the group include Dropbox, SAP and Canon) aimed at driving down the number of patent-trolling suits,” according to a report by TechCrunch.
Though, requirements for eligibility aren’t for your everyday startup. To be accepted into the Patent Starter Program, you will have to be among the first 50 startups to apply. Furthermore, you’d also need to have revenues between US$500,000 and $20,000,000. Additionally, the startups are required to be a member of the LOT Network.
However, there is a small catch if accepted. The Patent Starter Program document says Google “will retain a broad, non exclusive license to all divested assets.” Nevertheless, if your startup is interested, you can submit an application using Google Docs.