It was clear from everyone that the first priority was to construct a market that would work for all patent owners and licensees
Chicago, IL (Vocus) April 2, 2010
The Intellectual Property Exchange International Inc. (http://www.IPXI.com), the world’s first financial exchange based on Intellectual Property (IP), reported completion of another significant step in the development of a market to offer and trade IP rights.
"Beginning with support from the State of Illinois more than four years ago, and following two public town hall meetings with several hundred corporate IP owners, inventors and other market participants, the meeting this week with industry-leading potential sponsors represents a key milestone in the launch of a traded market for IP," reported James E. Malackowski, Chairman of IPXI and its founding parent company, Ocean Tomo, LLC.
Meeting attendees gathered for a presentation from IPXI executives and advisors on Unit License Right™ (“ULR”) contracts. ULR contracts present an alternative to traditional licensing, enabling owners to more efficiently monetize patents through standard contracts, unit-based market pricing, and transparent reporting.
"Having been through this same process to gather industry backing for a new exchange as President of the Chicago Climate Exchange (CCX), support shown this week by iconic industry and university patent holders greatly exceeded all expectations. There was universal opinion that this market is needed and should open as planned," explained Gerard J. Pannekoek, Chief Executive of IPXI.
Fourteen national and international corporate and university IP managers attended the Rulebook meeting. Following two general sessions, participants continued their efforts by splitting into three pre-arranged working groups: Selection, Acceptance and Pooling; Pricing and Auction; and Arbitration, Reexamination and Enforcement. Many companies sent multiple representatives to contribute to several working groups.
The meeting concluded on Tuesday, March 30, with industry presentations of critical issues and discussion moderated by Suzanne Harrison, CEO of Gathering 2.0, an independent online peer community for IP management professionals.
"It was clear from everyone that the first priority was to construct a market that would work for all patent owners and licensees," noted Harrison. "A major breakthrough resulting from the meeting was the proposal of amnesty. Industry members, and the IPXI Board, together introduced the notion of providing existing operating companies some measure of amnesty for past unlicensed use, providing they are compliant with relevant ULR contracts within one year of issuance.”
“I believe IPXI will become a major force in the market,” continued Harrison. “All meeting participants expressed their commitment in supporting further development of the exchange."
Next steps for IPXI include a revision of the Rulebook incorporating feedback from the Dallas meeting, posting of all standard transaction documents for public review, and preparation of ULR-specific training materials to be taught by leading trade associations. The exchange continues to accept ULR contracts for consideration and is on track to initiate trading activity this year.
About Intellectual Property Exchange International, Inc.
IPXI is the world’s first financial exchange focused on Intellectual Property. The mission of IPXI is to meet the price discovery, transaction, and data distribution needs of IP-owners, investors, and traders, as well as other market participants by creating the central marketplace for IP assets and trading products. Through its innovative product offerings, IPXI facilitates investment and risk management in IP-related assets, allows IP-owners to unlock the value of their assets, and creates efficient technology transfer markets to improve price discovery for IP-related assets and risks.