The financial services company American Express in New York says it is creating a marketplace for buying and selling intellectual property. The project called Intellectual Property (IP) Zone, now in beta testing, will cover trades involving patents, trademarks, software, and other IP products.
The current beta version works with a closed group of buyers and partners to manage deal opportunities and conduct live deals using an online tool called Virtual Intellectual Property Exchange and a physical office location in New York. The full launch for the IP Zone, planned for later this year, will be open to a broader number of businesses.
American Express says IP Zone has a partnership with TechNexus, a technology incubator with 700 affiliated companies including several Fortune 500 companies and top universities, to offer the platform to its affiliates.
Businesses will pay a membership fee to participate in the IP Zone. the program is also expected to offer access to IP transaction courses, certifications, and job training. American Express has partnered with Columbia University and the Intellectual Property and Knowledge Management Taskforce to co-produce industry education courses about commercializing intellectual property.
The taskforce, an IP-focused research group based in Dallas, Texas, estimates that more than $100 billion in IP transactions take place annually in the United States with projections exceeding $1 trillion within the decade.
Photo: waferboard/Flickr
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