12 April 2017
California
Reporter: Barney Dixon

Uber launches patent purchase programme


Uber has launched a new patent purchase program (UP3) aimed at encouraging patent holders to pitch their intellectual property to the taxi service.

UP3 was launched following the success of Allied Security Trust’s (AST) IP3 programme last year, according to Uber.

The IP3 programme allowed patent owners to sell their patents through AST’s portal.

IP3 itself was modeled on Google’s Patent Purchase Promotion.

Uber said that the current patent market is “extremely challenging, especially for sellers”.

“There is a ton of friction in the secondary market for all parties, but with our new UP3 programme, sellers will submit patent family details and a price they are willing to accept directly into our submission portal,” the company said in a statement.

“By eliminating price negotiations and providing quick reviews, UP3 will reduce the total transaction time compared to a typical transaction.”

The UP3 submission portal will be open from 24 April to 23 May, with the short window speeding up patent transactions, according to Uber.

AST CEO Russell Binns said recently that the value of prices has fallen, although this is likely to change. He explained: “I think prices are at the bottom, so I see the market going upwards. It’s very much a buyer’s market at the moment, but I see the pendulum swinging the other way, especially globally.”

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