LEAP Taps into $180 bn Patent Management & Monetization Market
Patent development is an $18 billion market opportunity in the hi-tech space alone.
Clairvolex, the global Intellectual Property (IP) asset management firm, on Thursday, announced the launch of LEAP – the first AI & ML enabled unified IP portfolio development & management platform, incubated in India and engineered jointly with the Silicon Valley, for global markets. Patent development is an $18 billion market opportunity in the hi-tech space alone. Further, patent licensing is a much larger market, estimated at a value of $180 billion. These are two extremely siloed business systems in the global industry. Patent portfolio development is an expensive and tedious process, with large patent holders spending hundreds of million dollars to develop and maintain them. Licensing is complex, in the absence of a market place for inventions and patents.
LEAP addresses these challenges, helping businesses enhance the value of IP and patent portfolios. Powered by ML, AI and automation, and with an extensive data at its backend, LEAP offers enhanced patent development & monetization capabilities, helping companies build patent portfolio strategies with potential for higher monetization at half the current level of investments. LEAP solutions have access to over 12 million patent data records at the backend, more than 30,000 IP specific rules and at least 130 automated standard operating procedures.
According to the International IP Index released by the US Chamber of Commerce’s Global Innovation Policy Center (GIPC) in February 2019, IP is taking center stage in international trade discussions. The report concludes that there is a need to improve the systemic efficiency of IP rights administration and the ability of IP owners to leverage their rights to finance innovative and creative activities.
Manoj Pillai, CEO of Clairvolex, said that more than 80 percent of all hi-tech patents bring ‘0’ returns to patent owners, despite companies spending millions of dollars to keep patients alive. The current market model for building and managing massive global patent portfolios is hugely inefficient. LEAP offers a credible solution, in a somewhat disruptive market model, using AI-enhanced solutions for patent development & monetization. LEAP is currently deployed for 20 early adopters, who are large patent holders based in the US and Europe market. Clairvolex estimates that LEAP would manage 10-15 percent of patents of top 50 tech IP owners by 2025.