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The Market and the Problem
All improvements in human welfare are due to new technology, new ideas, and new inventions. Consequently, enormous sums are spent pursuing new product innovation. Independent inventors are the driving force in developing improvements to existing products. Corporations have large and small R&D departments that develop more sophisticated technology. Universities regularly deliver new advancements in science and engineering. However, acute skepticism and risk avoidance has delayed or killed thousands of potentially valuable products.
Bringing an invention to market is like finding a path through a minefield. Each year, millions of people invent new products. Approximately 10% are worth evaluating and 5% of those are considered exceptional inventions. Some products will succeed in the marketplace, but the vast majority will not. Determining which inventions will succeed is the challenge.
Creators & Developers
There are several different components to the marketplace. All work independently.
There are hundreds of invention companies serving inventors. They typically provide; invention evaluation, product development, prototype development, product marketing, patent and trademark protection, product licensing services and inventor support.
Most invention firms exploit inventors for profit and offer no real benefit. Consequently, they have a terrible client success rate and industry reputation.
Patent Picks clients enjoy a success rate that is over 10X greater than the industry average and has a great reputation.
Each year, thousands of independent inventors develop their own products and hire patent attorneys to write and file patent applications. Initially, their goal is to license their inventions to interested manufacturers. When that fails, they frequently start a business to produce and market their products.
Paying for the services of a qualified patent attorney can be very expensive. On average, patent attorneys charge $5,000 to write and file a utility patent application and another $3,000-$5,000 to prosecute the filed application.
We employ some of the very best U.S. registered patent attorneys to represent our clients. We charge $2,500 to write and file a utility patent application and another $1,000 to fully prosecute the filed application.
Most corporations have large Research and Development (R&D) departments that develop new technologies that improve their competitive position in their particular markets. Since corporations are unable to magically force conception of innovation in their R&D departments, they license about 30% of all their products.
Most inventors fail to submit the [correct] invention documentation to the [correct] companies for review. In most cases, they target the wrong licensing departments and decision makers.
We spend a significant amount of time strategically structuring high-profile invention documentation, accurately identifying and effectively targeting licensing departments and the company decision makers.
Universities create a huge amount of Intellectual Property (IP). Some University developed IP has created whole new industries. University innovation will commonly focus on a narrow area of knowledge and finding market applicability is difficult. The vast majority of large Universities have dedicated IP offices that seek to find private firms to commercialize their patented products.
We steadfastly build and cultivate strategic partnership agreements with University IP departments.