DALLAS, TX – Dominion Harbor Group, LLC (DHG), the leading global Intellectual Property advisory and investment firm, is pleased to announce that it has engaged Monument Patent Holdings, LLC as a partner to develop and implement an “Intellectual Property Bank” that will seed promising young startups with patented technologies that strengthen their product and service offerings with new capabilities and market protections.
Effective immediately, DHG will begin evaluating patents for inclusion in this proprietary IP Bank that will be hosted and curated by Monument Patent Holdings. The IP Bank will offer patent owners an alternative way to generate revenue from their patents by submitting them for review to DHG, which will then contact the submitters to reach a negotiated agreement for their sale.
Unlike other current offers to buy or otherwise monetize IP, such as Google’s Patent Purchase Promotion scheme, the IP Bank will provide patent owners with real options both in terms of the type of sale and the use of their IP. Although use of the IP selected for the Bank will be determined by negotiations with the seller, the primary purpose of the IP Bank is to bolster the patent portfolios of innovative young companies, improving their market position and generating meaningful returns for the Bank and its investors.
The program is simple. According to David Pridham, Chief Executive of DHG, “Any interested patent owner, individual or corporate, just visits the IP Bank webpage at http://dominionharbor.com/ip-bank-submissions, fills out a simple form, which does not bind the submitter in any way, and we’ll take a look. For those patents that we think are a good fit for the Bank, we’ll contact the patent owner to work out a deal beneficial for all parties.”
Pridham notes that “For us, patents are neither a weapon, a nuisance, nor simply something to be bought and thrown on a shelf. They represent the valuable technological advances achieved by the innovators who drive our economy, and we’d like to put them to work in the sort of startup businesses that have always been responsible for most job growth in our nation.”
“It is clearly a buyer’s market for patents today,” adds Brad Sheafe, Chief Operating Officer of DHG, “driven in large part by the efforts of big tech companies like Google to convince America that patents are both dangerous and valueless when it comes to innovation. Of course, after reportedly spending over $5,000,000 lobbying Congress in the first quarter of this year alone, Google is taking full advantage of the depressed market it has created to now offer to buy devalued patents in its ‘Patent Purchase Promotion.’ We have a much less cynical view of the value of patents and strongly feel that is is important for us to invest our time, resources and money in providing America’s innovators with an alternative to the one-sided, non-negotiable terms offered in program’s like Google’s.”
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About Dominion Harbor Group LLC – Dominion Harbor Group, the leading global Intellectual Property advisory and investment firm, is dedicated to the premise that patents are a sacrosanct and critical component of the United States and global commercial marketplaces. The firm’s highly specialized team manages, helps protect and preserve intellectual property portfolios, maximizes the values of these portfolios through licensing, and advises owners and investors on how to realize appropriate value for innovations and risk-taking in the patent market. For more information, visit http://www.dominionharbor.com
About Monument Patent Holdings, LLC – Monument Patent Holdings is an intellectual property acquisition company. The Company acquires patents and associated applications from a wide variety of patent holders ranging from individual inventors to Fortune 500 companies. Monument’s strategy of acquiring patents that cover a broad range of subject matter has allowed the Company to build a portfolio of diversified and highly valuable intellectual property. Although the use of the intellectual property acquired by the Company is determined by negotiations with the sellers, the Company’s primary focus is to bolster the patent portfolios of innovative young companies, improving their market position and generating meaningful returns for the Company, patent holders and investors. This approach is expected to result in a long-term, diversified revenue stream.