Announcing Uber’s New Patent Purchase Program, UP3
Posted by Kurt Brasch, Patent Transactions Lead
Uber is officially in the market for patents. Since Uber was founded, we’ve grown from a single product — black cars, at the push of a button — to everything from on-demand carpooling to food delivery. To build the next generation of Uber services, we’re looking for patents to support our expanding business.
To that end, following the successful industry IP3 program that Allied Security Trust (AST) launched last year, we are introducing our own patent purchase program called UP3.
The current market for patents is extremely challenging, especially for sellers. There is a ton of friction in the secondary market for all parties, but with our new UP3 program, sellers will submit patent family details and a price they are willing to accept directly into our submission portal. By eliminating price negotiations and providing quick reviews, UP3 will reduce the total transaction time compared to a typical patent transaction.
It is also clear that sellers want the flexibility to package multiple patents into a single submission. That’s why the UP3 program allows sellers to submit portfolios of up to five (5) patent families in one submission. That way, sellers can group patent families that complement each other in a way that best markets their assets.
Our short timeline will speed up patent transactions. The UP3 submission portal opens April 24, 2017 and closes May 23, 2017. After the submission period ends, Uber will review the submissions and provide sellers with our decisions by July 7, 2017.
You can start preparing for your submission now. Please visit our website, www.uber.com/up3, to find more information, including the terms and conditions, the submission form (which goes live April 24, 2017), the patent purchase agreement, and an FAQ document. Please review all of the information provided, including the terms and conditions and patent purchase agreement before submitting to UP3, and we encourage you to speak with an attorney.
We look forward to hearing from you!