Penn State To Host 'Patent Auction' This December
UNIVERSITY PARK, Pa. (CBS) – Penn State is planning to auction off some of its patents online.
The university previously held a patent auction in April that was believed to have been the first of its kind in the nation.
According to Penn State, winning bidders get licensing rights to U.S. patents that resulted from faculty research in numerous fields.
The university also says that on average, 40 U.S. patents per year are issued to the Penn State Research Foundation, the university's tech transfer agent. About half of those patents are licensed right away to companies, but the rest sit on the shelf.
The auction will be held on Dec. 8th, 2014 at 8 a.m. and continue through Dec. 12th at 5 p.m. Bids start at $5,000.
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