yet2.com Goes Global
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yet2.com, a privately held Cambridge firm developing an online platform for research and development companies to exchange technology and intellectual property, has added 25 businesses to its list of registered trading partners, including 10 firms in Japan and nine in Europe.
The companies, who have committed to offering their technology for license or sale exclusively on yet2.com's Web site, collectively represent more than 10 percent of global spending on research and development.
European organizations joining the online marketplace include Agfa-Gevaert Group (Belgium), BASF (Germany), British Telecommunications (United Kingdom), Ciba Specialty Chemicals (Switzerland), Philips Electronics (The Netherlands), Shell Global Solutions (United Kingdom), Siemens AG (Germany), Porsche (Germany) and Bosch (Germany).
The company registered 10 major Japanese R&D firms: Asahi Glass Company, Denso Corp., Fuji Photo Film Co., Kao Corp., Mitsubishi Chemical Corp., Mitsui Chemicals, Sumitomo Electric Industries, Toray Industries, Toshiba Corp. and Toyota Motor Corp.
"Only a fraction of global R&D spending ever reaches the consumer as marketable products," said CEO Chris De Bleser. "As a result, an enormous amount of human ingenuity lies on the shelf, unused."
"The world's leaders in R&D have joined yet2.com because they recognize the unique opportunity it offers corporations to extract far more value from undervalued or unused technology. Corporations can now buy or sell dormant assets, breathing new life into a product or process."
yet2.com aggregates intellectual property and technology from member corporations. At its site sellers can market their patented innovations and buyers can quickly search a database for relevant technologies. The company estimates the potential market for trading intellectual property at $105 billion.
Previously registered yet2.com's members include 3M, Boeing, Dow, DuPont, Ford, Honeywell, Monsanto, Polaroid, Procter & Gamble, Rockwell, SAIC and TRW.
"The intellectual property world is changing rapidly, with the understanding that these assets can generate significant value," said Ruud Peters, managing director of corporate intellectual property at Philips. "That means that we must use every possible opportunity to market them as we would do with other saleable assets. yet2.com provides us with access to the largest online marketplace for intellectual property."
Thmas Lackner, Siemens' head of innovative businesses at corporate technology in Munich, said, that if it gains the support of the leading technology providers worldwide, yet2.com has "an excellent chance of becoming the electronic marketplace for commercializing technologies on the Web."