Papst Licensing as a new start
At the age of 57, Georg Papst once again founded a company in 1992, after the sale of the Papst Motoren-KG : “Papst Licensing”.
He purchased the patent portfolio of the former Papst-Motoren company, consisting of 600 patents and registrations. He had to pay 50% more for that portfolio than he had received for selling his entire company a year before. Seen in this way the Papst Motoren KG changed its owner free of charge.
Together with his team at Papst Licensing, Georg Papst started to analyse more than 4000 different products of major suppliers, especially of the motor-, fan-, data storage- and electronics – field. This way he could check on possible patent infringements with the help of patent lawyers. The successful career of a new company began.
Papst Licensing especially supports small and middle sized companies, which don’t have enough “Know how” and money to get through with their patents, by offering to buy their patents, starting to negotiate with the wrongful user and ensuring that the original owner receives a share/part of the royalties.
Another advantage of being a PL-costumer is that the former owner is still allowed to use the sold patent, without having to pay for it. The company advises patent owners to gain from other people using it, instead of forbidding its utilization. Often trials with companies that use patents of others without a license, can take years.
By now PL has more than 160 license agreements with important companies like Sony, Toshiba, IBM, Compaq, Hitachi, HP, Canon, Samsung, 3M, LG and Mitsubishi.