Article 1, Section 8, Clause 8 of the United States Constitution provides that for limited time periods, authors and inventors shall have exclusive rights to their respective writings and discoveries. A patent is in effect a contract between the inventor and the government: in exchange for sharing a new or novel invention with the world, the government gives the inventor the right to exclude others from manufacturing, selling, or using the patented invention for a limited period of time.
Patent Monetization is the generation of revenue from patents and patented technologies. Patent Assertion is a specialized type of Patent Monetization where a patent owner, or a representative of the patent owner, seeks to prohibit or collect royalties from the unauthorized manufacture, sale, and use of a patented invention.
ITUS’s business model is Patent Monetization and Patent Assertion. In executing its business model, ITUS will monetize its existing patent portfolios, and acquire additional patents and patent assertion rights from third parties.