MUNICH (Germany), May 14: Hopeful entrepreneurs gathered here on Monday for Europe's first intellectual property rights auction, which organisers believe will cut out red tape and help products see the light of day.

A total of 300 patents, trademarks and licences will go under the hammer on Tuesday in a hotel at Munich airport in southern Germany.

Among those seeking to sell off patents was Brainshell, an agency that works with the local authorities in the cash-strapped eastern German state of Brandenburg to secure patents for locally designed products.

It is trying to secure patents for a portable climbing wall designed by students at technical universities, and a 'dry' shower to wash bed-ridden patients.

“For us this auction is very much a test balloon,” Brainshell boss Bernhard Bomke told AFP.

Many entrepreneurs or inventors often lose valuable time in negotiating their patents -- in Munich, the transaction will take a matter of minutes.

“If a patent is up for auction at 4.30 pm, as a vendor I will know shortly afterwards whether it is sold or not,” said Manfred Petri, of the auction's organisers, IP Auctions.—AFP