Magazine article ASEE Prism

Auction Options

Magazine article ASEE Prism

Auction Options

Article excerpt

HEY BUDDY, WANNA BUY A PATENT?

Don't laugh, that's the premise behind a new Internet auction site where inventors can flog their intellectual property patents, trademarks, or copyrights to the highest bidder.

PatentAuction.com is the creation of inveterate inventor Byron Donzis, who holds more than 200 patents on ideas ranging from pharmaceuticals to sports equipment. Donzis started his Web site five months ago with the goal of linking inventors and their ideas with buyers who can turn those ideas into tangible products.

The site is modeled after eBay, the enormously successful online auction house that brings together millions of users around the world to buy and sell their goods through individual auctions. Sellers on PatentAuction.com pay a fee to display their inventions, and anyone interested in buying a particular invention has only to register and then post a bid. Once a sale is complete, Donzis wins by charging the buyer and the seller a commission ranging from 8 percent to 20 percent, depending on the final price of the item. …

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