Patents have always been licensed. Patents have always been acquired. Patents have even been acquired for the purpose of licensing new entrants. In short, there have always been secondary markets. It turns out, however, that the current trend of acquiring patents to license those already practicing the patent is a relatively recent phenomenon, one almost unique in our history. This Essay, presented at the “New Business Models and New Opportunities” panel of the “Commercial Function of Patents in Today’s Innovation Economy” conference, makes two claims. First, it argues that broad-based patent acquisition for the purposes of licensing is a somewhat new business model, despite some historical counterexamples. If anything, the counterexamples shed light on today’s marketplace. Second, it describes ways that acquired patent licensing might aid commercialization, despite concerns about the business model’s negative impact on social benefits.