PatentYogi: On the Road to Create a Blue Ocean for Patent Services in India
Aaron Levie, CEO of Box, tweeted this after the $1B verdict against Samsung – “$1B damages. Must. Start. Patenting. Everything.” This tweet symbolizes the criticality and power of patents.
The patenting trends worldwide show consistent growth over the past few decades. The trends have not reversed even during the recessions, indicating that companies realize the intrinsic value of patents. Various start-ups have also benefited from patents. Therefore, there is a strong trend where more and more start-ups are going for patents now. In US alone, 1, 25, 000 patents are filed domestically by individual inventors and SMEs every year. One such player in the Indian market is PatentYogi.
PatentYogi was founded by a group of patent professionals who felt that more needed to be done to support the individual inventors, small and medium enterprises (SMEs) and universities when it comes to patenting. The patenting activity of start-ups is severely restricted by their budgets. Hence, PatentYogi developed a cost-effective platform for providing patent services. By optimizing supply chain management processes to the patent application drafting work, it has been able to file patent applications at much lower cost (per patent application). Through their network of patent professionals and propriety processes, they ensure that required legal and other requirements are met.
In order to support SMEs and startups, PatentYogi provides free patentability search. The patentability search report helps inventors ascertain if it is worth going in for patent filing. In some cases, inventors work more on their inventions based on the patentability search result shared by PatentYogi, before they make significant investment on patent drafting and filing.
Key Motivators to File Patents:
1. Help protect your innovations from being replicated by competitors
2. Source of revenue in future as patents are assets that can be sold or licensed
3. Provide a defensive cushion to businesses against any future patent litigation
4. Investors favor companies who own patents, as it indicates that the founding team has taken all due care
5. In some countries like UK and Netherlands, patents can help companies halve their sales tax
PatentYogi has a huge client base in the US. They have also sourced work from start-ups in UK and Finland. Sharing information on their clients, Deepak adds, “Most of the companies that we have worked with till now operate in internet technologies, mobile phone applications and green/clean technologies. We have worked with 20 start-ups in the past 6 months. We have also partnered with law firms in US, UK and Finland.”
Deepak accentuates the fact that PatentYogi is different from various other such firms by saying that, “We are creating a blue ocean in patenting services domain by providing services primarily through an online platform. This helps in standardizing the quality, timelines and price of IP services. This is a game changer with respect to the traditional model followed by the law firms.”
On the revenue generation front, PatentYogi charges a fixed fee for the services. Their prices help start-ups save up to 50%-70% in patenting costs. Further, their partnership with local law firms allows them to earn a trail income.
On a concluding note, Deepak points out the urgent need of penetrating the IP market in India, as the market wouldn’t remain nascent for a long time.
For your patent needs, you can check out PatentYogi!
