First live IP auction fetches 12.6 mn USD

Mumbai, July 3 (UNI) The first of its kind live intellectual property auction, conducted recently, saw total sales of 12.6 million USD (Rs 544 crore) with as many as 65 lots of Intellectual Property (IP) assets put on sale.

These IP assets were in 20 categories, including smart cards, manufacturing and automation, online and mobile commerce, lighting technology, telemedicine, computer systems and software, digital media systems, domain names, security and authentication systems, messaging and electronics and handheld devices.

CPA, the world's top intellectual property (IP) management specialist and the leading provider of outsourced legal support services, in conjunction with Ocean Tomo, had hosted India's first ever ''Live Intellectual Property Auction - Asian Simulcast and Symposium'' in Bangalore on June 26 with live auction conducted from Amsterdam, the amount fetched in the auction included buyers premium.

The Simulcast and Symposium introduced for the first time the concept of making IP a readily useable business asset and had a goal of helping inventors, small and medium enterprises, investors, and even top multinational companies, achieve value for their patents, copyrights and trademarks, CPA said in a release here today.

''The Simulcast and Symposium gave us a fantastic opportunity to showcase the importance of making IP a readily usable business asset, and provided us with a platform to pull together organisations and thought leaders to think about the future of IP.

Working hand-in-hand with Ocean Tomo to deliver such a momentous event, further validates our commitment to help corporations carefully manage, maximize and understand their patent portfolio,'' according to CPA country head Bhaskar Bagchi.

Close to 50 senior members participated in the event to engage in active discussions about the models, to be followed in India for future success in commercialization of IP as well as to view the live auction by Simulcast.

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