An ISM based framework of variables affecting transactions in the online patent marketplace.

With a number of marketplaces now available for selling/ purchasing/licensing of patents, it is important to understand various enablers/barriers that enable transactions in the online marketplace. Using interpretive structural modelling, the present study identifies contextual relationships amongst variables to arrive at a framework that influences transactions in online patents marketplace. From the study, it was observed that the security of data is an important factor while transacting as it influences the trust in the online patent marketplace. Efficiency of online marketplace is influenced by the trust and transactions costs incurred by the users. Further, it was seen that the presence of various value-added features or tools (e.g., patent valuation aids, contract templates) is an important driver for usage of online market place. Information (such as transaction costs, previous sales price, etc.) which helps in easy price discovery adds to transparency of the online patent marketplace thereby leading to more participation by users of the marketplace, which in turn increases efficiency and usage of the online patent marketplace. Thus, this framework will help navigate the online marketplace and thereby help in enabling commercialisation of patents.