Patents 4 Partnerships links patent holders with entrepreneurs looking to commercialize their inventions. Attorney Omid Khalifeh says this patent collective could spur innovation.
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There aren’t a lot of positive things to say about COVID-19, but there is one silver lining that may prove a boon for many small businesses. Introduced by the United States Patent and Trademark Office (USPTO), Patents 4 Partnerships is a web-based “marketplace” that offers patent holders an opportunity to license their intellectual property to those looking to commercialize their inventions.
Intellectual property rights attorney Omid Khalifeh, founder of Omni Legal Group, says that Patents 4 Partnerships was first established to facilitate licensing for COVID-19-related products and technologies.
“The initial success of this user-friendly website has prompted the USPTO to explore expanding the platform beyond its current use to include other sectors of the economy,” says Khalifeh. “They made it so easy to navigate and help you find whatever it is you’re looking for. Users can sort through various patents by using keywords, inventor names, issue dates and other criteria.”
Khalifeh believes that this is great news for small businesses that, historically, have been at a disadvantage when it comes to having access to intellectual property resources.
“Just imagine a patent collective where you can explore protected intellectual property that could help you innovate your new product or technology,” he asks. “Since innovation has long been the lifeblood of our economy, which has taken a hit thanks to the pandemic, the advent of Patents 4 Partnerships and its eventual expansion to other industries couldn’t come at a better time.”
So how will it work? Khalifeh offers this hypothetical.
“Let’s say startup company Funstafashion wants to create an app that does double duty as a storefront and social media platform where users post photos and tag links about every article of clothing they’re wearing. On the e-commerce side, they would love to have a single-click check-out feature, but they know that Mojave Foods Corp. has a patent on that,” he says. “Should Funstafashion bypass and start using Mojave’s patented technology, the startup would be vulnerable to costly litigation. By using Patents 4 Partnerships instead, Funstafashion would be able to look up Mojave’s patent and form a licensing agreement where they would pay a nominal amount for the legal right to use it. Here, we have a win/win where Funstafashion benefits by using Mojave’s patented technology and Mojave is happy because it has a new revenue stream and doesn’t have to file a costly lawsuit to enforce its IP rights.”
Khalifeh says that many inventors never even recoup the cost of filing their patents not to mention all of the time, energy and money spent on research.
“In fact, it’s estimated that 50% of patents expire prematurely because the required maintenance fees are never paid,” he explains. “So the USPTO should be commended for taking the initiative to launch Patents 4 Partnerships as it is sure to change the nature of patent transactions as it sets the stage for a new, robust marketplace.”
Omni Legal Group has emerged as one of the nation’s most experienced law firms specializing in intellectual property protection. Its clientele represents companies in a wide range of industries as well as name celebrities. The firm has received an Avvo Perfect 10 Rating and Five Stars on Yelp while founder Omid Khalifeh has been recognized with Super Lawyer status for the past 5 years and Top 3 Best Rated Patent Attorney in Los Angeles. For more information, visit OmniLegalGroup.com or call (310) 276-6664.
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Organization: Omni Legal Group
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Website: https://www.omnilegalgroup.com/
Source: PressCable
Release ID: 88959548
