|yet2.com Unveils First Global Forum for Technology Exchange
-- Online Marketplace Levels the Playing Field; Offers Universal Access to More than $2.5 Billion in Proprietary Research & Development
CAMBRIDGE, Mass.February 7, 2000 -- yet2.com today unveiled the first global online marketplace for the exchange of intellectual property. Offering more than $2.5 billion in proprietary research and development, yet2.com is poised to drastically streamline the technology transfer process by matching buyers with sellers in a dynamic, user-driven marketplace. Corporations can now efficiently market their technologies to realize hundreds of millions of dollars in revenues through out-licensing. Individual scientists and inventors can now easily market their technologies to buyers worldwide.
yet2.com´s 12 founding sponsors, 3M, Boeing, Dow, DuPont, Ford, Honeywell, Monsanto, Polaroid, Procter & Gamble, Rockwell, SAIC, and TRW, have agreed to provide technologies on an exclusive basis to yet2.com, making yet2.com the cross-industry standard for technology exchange. Collectively, these companies account for nearly 10 percent of all U.S. commercial research and development.
"While companies devote substantial resources to research and development, their best innovations are often commercially underutilized," said Chris De Bleser, CEO of yet2.com. "Before today, there was no easy way to tap into those sleeping technologies. The traditional process of searching for and buying technologies has been time-consuming and ineffective. By speeding up the deal making, yet2.com makes the licensing process much more efficient, promising to forever change the way corporations manage their intellectual assets."
In addition to providing companies and individuals with instant access to billions of dollars in never-before-seen research from the world´s leading technology companies, yet2.com presents technology owners with a highly qualified audience of prospective buyers. In fact, the R&D leaders at 60 companies have already registered to search yet2.com for new technologies to acquire.
There is no better forum for technology owners to present their technologies in a secure environment to senior decision-makers at the world´s leading R&D corporations. yet2.com truly levels the playing field by providing universal access to prized intellectual assets from around the world.
"Working with yet2.com complements Honeywell´s ongoing activities to seek licensing opportunities for the vast inventory of technological innovations we´ve developed over the years," said John Donofrio, Chief Patent Counsel at Honeywell. "Technology licensing is an exciting and growing profitable revenue stream for Honeywell, and yet2.com provides us with an additional path for fast and efficient technology exchange. Listing our technologies on yet2.com enables our technology to benefit applications in industries where we would not normally participate, which provides us with new revenue growth opportunities that lead to added shareowner value."
The technology licensing market is estimated at $105 billion and growing rapidly. However, the traditional search for potential buyers of technology is a hit-or-miss process based largely on personal networking. Typically, it takes the average corporation 12 to 18 months to find a buyer for each available technology. As a result, the traditional practice yields only a few deals annually per large company.
yet2.com offers companies a way to significantly reduce this cycle time and increase the volume of licensing transactions.
"Where the opportunity exists to create global on-line marketplaces for the exchange and adoption of new technologies, yet2.com definitely appears to have taken the lead," said Aberdeen Senior Analyst Lara Abrams. "The momentum the company is building upon and the partners they are pulling into the mix are creating very exciting prospects for the growth of this company."
"Today we open yet2.com to the world and invite technology leaders everywhere to explore billions of dollars of never-before-seen technologies," said Ben du Pont, president of yet2.com. "I urge everyone to log on to yet2.com and be among the first to join leading global R&D companies to participate in the online marketplace that will revolutionize the way your company does business."
yet2.com, Inc. is a Cambridge, Massachusetts based privately held corporation. The company has enlisted a growing core of leading corporations and government agencies to pledge technology assets from every field of human endeavor. yet2.com is building the first comprehensive global forum for technology exchange on the Internet thus creating the most efficient method of streamlining research and development and extracting value from intellectual assets. For more information, visit http://www.yet2.com.