assignment
This tech startup is developing a highly efficient material that removes oil and purifies water. The potential market for this solution is global, so the company needs to apply for patents in many countries. Previously, the company worked with an international IP law firm to manage patents in foreign countries through partners, but this increased costs, reaching an annual budget of $400,000. The management therefore decided to optimize the intellectual property registration process and reduce costs.
Traditional Solutions
To reduce IP costs, a separate IP manager would be required, with a salary of $5-10k per month. This person would create a register of all IP assets and current tasks, negotiate with implementers, and ensure the quality of the work. A traditional approach would take 6-12 months to implement and would result in a budget savings of $150k, but this savings would be offset by labor costs and time.
iPNOTE’s solution
With iPNOTE, the company structured its intellectual property data and hired verified local IP lawyers in 23 countries. The above optimizations were achieved in less than a month and were done by a junior general counsel. The company reduced its annual budget by 46% ($184K) while ensuring quality and control of its IP portfolio.
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iPNOTE helps small tech companies protect their IP at an enterprise level and cut costs in half. iPNOTE’s costs are based on the volume of your intellectual property portfolio and the number of deals, allowing implementation early in your company’s development.
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If you need professional assistance with your patent registration, our patent registration services can provide you with comprehensive support, including guidance on the complexities of patent registration in Canada .