Sunday, May 3, 2009

The Invention Trade: Buy and Sell Patents at the Free Patent Auction

Inventions, ideas and everything of the sort are sold at the Free Patent Auction. Online since 2004, this site has never been the most popular one out there but haven't we all learned that it doesn't have to be popular to be useful.
At the homepage, you'll see a very simple layout, nothing fancy, mostly just text. However, the concept behind this site is a lot bigger. The basic idea is that inventors who have either lost hope or just want to make immediate profit from a patented invention, can sell these patents at often negotiable prices.
If a user of the service wants to sell a patent they can either set a price or list "to be negotiated", then write a description, give a simple diagram, add the country of protection and they'll be off and running. Of course, anybody with a patent can do this by making a free account with the Free Patent Auction.
And if buyers are particularly interest, they'll have a chance to have a peak at the seller's website, as well as access to the patent web page, all inventions from the member and contacting the seller.
At any certain time, there are usually over 1500 patents that are waiting for buyers, all categorized and searchable.
However, this is not for everyone. First of all, buying a patent costs at least $1 million and not everybody owns a marketable patent. As well, it is rare that anyone actually purchases so beware of that too. But maybe you'll be part of the lucky few who get noticed on this site and soon receive a cheque for a million dollars.

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