The Los Angeles Times reports that the world’s third richest individual has set his sights on “billionaire beach,” and may have dropped anchor in the neighborhood.
Our good friends in Washington DC have upheld our right to resell our property. Thank goodness for that.
Intellectual Ventures has spent over $1.2 billion on at least 1,000 patent acquisitions, reportedly buying patents for an average $40,000 from companies, individuals, and up to 50 universities, including CalTech, Duke, Clemson, Brigham Young, Rutgers, and my alma mater, the University of British Columbia.
Companies that create or acquire portfolios of patents but produce no products with them cost the US economy $29 billion last year.