A major intangible asset class carried on institutional balance sheets is Intellectual Property (IP). Spurred by $160B in public research in OECD-countries, many institutions seek to monetize this asset through licensing and other third party transactions meant to insure commercialisation. But successfully marketing and monetising this asset is challenging and there is increased pressure on Technology Transfer Officers (TTOs) to increase their return on investment (ROI).
Developers of IP (universities, research institutes and also any supplier of innovation from the private sector) use inventtory.com to offer IP for sale. The aim of inventory.com is to help SMEs globally achieve strategic advantages thru innovative business models and solutions. The Company takes a proven business model - internet-based trading - and applies it in an innovative way to the topic of technology transfer. Through the platform, SMEs and other organizations benefit from innovation coming from multiple sources, with a focus on public institutions.
Right now, a pool of 380,000 sleeping patents in Europe alone sits on the books of public and private entities, while 22M European SMEs are virtually excluded from accessing protected inventions. inventtory has created a unique and game-changing IP Exchange that employs state-of-the-art technology, recently available Application Program Interfaces (APIs) and Artificial Intelligence (AI) to create liquidity and drive transactions.
While many ‘platforms’ have claimed to allow for fluid transfer of IP rights, there has actually never been an IP exchange. Most ‘platforms’ at best offered a landing page to begin a brokerage led sales activity. But this is not what was intended by the Internet and this is what always insured that liquidity would never occur on an IP ‘platform’. inventtory marks the first time that a real, global exchange for IP is operating.
inventtory.com displays information about IP in a highly user-friendly and intuitive way. inventtory has designed a world-class UI/UX to make it easy and fast to understand what is very complex information. Each patent is prominently displayed as a tombstone on the landing-page, highlighting the most important aspects: Title, Claim 1, Priority Date and the Price that is set by the seller. All the relevant information about a patent is displayed in logic sub-sections. For example, the status of the patent family in the most important geographies is displayed with easy to understand graphics and icons. It is possible to see more details by jumping to the European Patent Office’s (EPO) database or looking at a PDF of the entire patent document. Direct communication with an inventtory representative or with the owner of the patent can be triggered. This makes it easy for interested parties to get a quick understanding on what is being offered.
The Exchange makes it fast and easy to list a patent. There will be no need to copy/paste or manually upload and capture information about your IP. Instead, inventtory has - a world-wide first - implemented an API from the EPO to completely automate the listing of patents. All the user has to do is enter the patent application number. The exchange then automatically fills the necessary data fields. A PDF of the patent document or a flyer can be added.
To ensure the information about the patent family is up-to-date, the user is asked to provide the current status for all geographies. Individual members of the patent family can be de-selected if they should not be part of the offer. In a final step, the patent price and option price is selected. Should an option be made available, an interested buyer can execute this option and conduct due-diligence for a one-month period during which the patent is not visible to other users.
One of the Exchange's core services is the support of Internet-based transaction management. Once a user has decided to acquire at patent, the Exchange supports a digital-contracting process. The Exchange dynamically creates a standard IP Sales Agreement that is automatically populated with user data, price data and relevant patent family data. The buyer remits the monies to inventtory and inventtory then passes it on to the seller minus commission fees, inclusive of VAT where relevant.
Initially, inventtory.com will be marketed to support organisations in acquiring innovation that suppliers have identified for abandonment. This can be technology of any type and for all industries and applications. The reason to start supplying inventtory with this type of product is to challenge the Company’s capabilities. Patents are abandoned on an on-going basis, meaning that the patent owners have to completely write-off the investment (sometimes funded with tax-payers’ resources). With inventtory.com, this will change completely. The Company’s platform will in a sense provide a last chance for innovative technology to be of use to the right organisation (for example, an SME).