Guest blog from James Dowler, IdeasPatch
IdeasPatch was launched in late 2016 by Simon Krystman, as a passionate entrepreneur who has successfully set up and exited a number of businesses in the digital and Big Data space over the past twenty years (most recently launching a communities based crowdfunding platform called “CrowdPatch,” which has helped fund grass-roots schemes such as 3D Printing in schools and gained the support of MEPs such as Syed Kamall.
The concept behind his latest endeavour, IdeasPatch, is to bring together those looking to commercialise innovations with investors prepared to fund the full cost of the patent application.
Patent applications can run into tens of thousands of pounds, with the average figure falling somewhere between seven and fifteen thousand. The amount is large enough to put off some individuals and SMEs from ever proceeding with their idea in a commercial sense. IdeasPatch provides people with an opportunity for them to not have to worry about paying thousands to receive patent protection for their inventions.
The process works by allowing inventors to submit a funding application through an online Inventor Portal. Approved applications are then hosted on the platform and receive pledges from investors. Once these pledges reach the target amount, the company then instructs a patent attorney to proceed with the patent application and the inventor receives a licence over its development and commercialisation. This license provides royalties and hence a return to the investment community.
With the help of a secure legal framework designed by award winning law firm Shoosmiths, a Governance Board convenes every six months to monitor these arrangements in the interests of both parties until such a time the inventor wants to ‘buy-back’ the asset or wind down the arrangement.
We believe patents provide more than protection to businesses, helping raise investment, create new growth opportunities through licensing products out to third parties, and even place the entrepreneur in a better position when it comes to selling the business. That’s why we at IdeasPatch are so excited about our role in improving the future for UK innovation.
PraxisUnico’s commitment to facilitating knowledge exchange and commercialisation, activities designed to also improve the potential of innovation within the UK, share much in common with disruptive models such as IdeasPatch and we hope to create strong links in the future.
Visit www.inventorportal.co.uk to submit your funding application ahead of launch.
Visit www.ideaspatch.co.uk to learn more about the platform and submit any questions you may have.