This article originally appeared in The Intellectual Property Strategist. © 2021 ALM Media LLC. Reprinted with permission.
Companies have historically turned to patent pools as vehicles for achieving shared objectives. A patent pool can be formed when a group of patent holders agree to pool their patents for some purpose. For instance, members of a patent pool may agree to pool and license their patent rights to a third party in exchange for fees or royalties. In this scenario, the pooling companies may own complementary patents that enable a technical standard. Pooling the complementary patents can enable a licensee to develop a product or service. In another scenario, members of a patent pool may agree to pool and cross-license their patent rights to one another. This may occur when a group of companies are developing similar products and services. Here, the members can benefit from shared patent rights that allow them to focus more of their resources on developing their businesses and less on patent transactional and litigation expenses.
Continue Reading Synergizing Patents to Drive Innovation and Growth