yet2.com is a global technology marketplace founded in 1999. The company is based around the idea of open innovation

Open Innovation

Although the idea and discussion about some consequences date back at least to the 60s, open innovation is a term promoted by Henry Chesbrough, a professor and executive director at the Center for Open Innovation at the University of California, Berkeley, in his book Open Innovation: The new...

, and allows all types of technologies to be bought and sold. yet2.com focuses in four areas: Open Innovation

Open Innovation

Although the idea and discussion about some consequences date back at least to the 60s, open innovation is a term promoted by Henry Chesbrough, a professor and executive director at the Center for Open Innovation at the University of California, Berkeley, in his book Open Innovation: The new...

 Technology acquisition, Technology out-licensing and business development

Business development

A subset of the field of commerce, business development comprises a number of techniques and responsibilities which aim at:1. Researching new types of business/products/services with an emphasis on identifying gaps in the mitigation of needs of potential clients .2. Attracting new customers3...

, Patent

Patent

A patent is a form of intellectual property. It consists of a set of exclusive rights granted by a sovereign state to an inventor or their assignee for a limited period of time in exchange for the public disclosure of an invention....

 buying and selling, and Venture Capital

Venture capital

Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...

 (yet2 Ventures).

History

yet2.com was founded in 1999 by Ben duPont and Chris De Bleser. DuPont was trying to sell a new technology that he had developed and found “no easy way to do it.” Chris De Bleser was in a similar situation at Polaroid

Polaroid Corporation

Polaroid Corporation is an American-based international consumer electronics and eyewear company, originally founded in 1937 by Edwin H. Land. It is most famous for its instant film cameras, which reached the market in 1948, and continued to be the company's flagship product line until the February...

. Together the two started the company out of “pure frustration with the existing processes” duPont said. The company was founded with original investments from Venrock Capital, Procter & Gamble

Procter & Gamble

Procter & Gamble is a Fortune 500 American multinational corporation headquartered in downtown Cincinnati, Ohio and manufactures a wide range of consumer goods....

, DuPont

DuPont

E. I. du Pont de Nemours and Company , commonly referred to as DuPont, is an American chemical company that was founded in July 1802 as a gunpowder mill by Eleuthère Irénée du Pont. DuPont was the world's third largest chemical company based on market capitalization and ninth based on revenue in 2009...

, Honeywell

Honeywell

Honeywell International, Inc. is a major conglomerate company that produces a variety of consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumers to major corporations and governments....

, Caterpillar

Caterpillar Inc.

Caterpillar Inc. , also known as "CAT", designs, manufactures, markets and sells machinery and engines and sells financial products and insurance to customers via a worldwide dealer network. Caterpillar is the world's largest manufacturer of construction and mining equipment, diesel and natural gas...

, NTT Leasing, Bayer

Bayer

Bayer AG is a chemical and pharmaceutical company founded in Barmen , Germany in 1863. It is headquartered in Leverkusen, North Rhine-Westphalia, Germany and well known for its original brand of aspirin.-History:...

 and Siemens

Siemens

Siemens may refer toSiemens, a German family name carried by generations of telecommunications industrialists, including:* Werner von Siemens , inventor, founder of Siemens AG...

 raising over $24 million. Since its founding the company has been provided services to Fortune 500

Fortune 500

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...

 and Global 2000

Forbes Global 2000

The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: sales, profit, assets and market value...

companies include Boeing, Ford, Monsanto and NTT among others.

Product divisions

Open Innovation Technology Acquisition

yet2.com offers clients a strategic technology acquisition program. The company actively searches the world on behalf of clients for new technology and assists in deal facilitation.

Technology out-licensing and business development

yet2.com helps to facilitate the transaction of technology assets, developing new revenue for firms.

Patent buying and selling

yet2.com offer services to buy and sell firm’s patents.

yet2 Ventures