8 January 2022News
AI-Powered Patent Pools Open for Business
“Recently launched patent pools, IPwe and Alium, have both made AI a central part of their offerings, but critics claim the technology is still too immature to add value”
In IAM’s recent article about IPwe’s Smart Pool program, Jonas Block, IPwe’s Head of Product Management, predicted that many other patent pools will begin to implement AI technology to faster examine patent quality at a vastly lower price. “What we will see is that AI will help to reduce the noise and just focus on the few patents – the core patents that matter. I also hope that AI brings SMEs into the game” said Jonas. IPwe has invested over $40 million dollars into the Smart Pool program’s AI technology that has been perfected since its initial development in 2007.
The article went into further detail about how IPwe’s Smart Pool program focuses on emerging technologies, such as the metaverse. By using IPwe’s core AI engine, the pool’s patents can be evaluated at a low cost to produce a quality report. This quality report allows the pools to require a specific quality threshold. This innovative quality ranking system not only allows the pools to filter out inferior patents but also incentivizes large companies to pledge patents of the highest quality to the pool, as the pool’s revenue shares are appropriated not by the mass of patents pledged to the pool but by the quality of such patents.
Utilizing AI technologies in patent pools will not replace a detailed analysis a lawyer would do, but drives the costs down for patents in emerging technologies, ultimately allowing SMEs and start-ups the opportunity to join IPwe’s Smart Pools at little to no cost. “The cost of filing for patents is already prohibitive for many small businesses, and if you tell them they need an additional $30,000 in legal fees to join a patent pool, many “would just say ‘I’m out’,” said Jonas.
To read the original article in IAM, written by Angela Morris, please visit https://www.iam-media.com/patent-pools/ai-powered-patent-pools-open-business-despite-some-market-scepticism.
IPwe is the world’s first global innovation platform leveraging the power of artificial intelligence and blockchain technology. Through the IPwe Platform, large enterprises, SMEs, owners, those looking to enhance their innovation profiles and those with a legal, technical or financial focus benefit from IPwe’s mission to empower innovation in emerging technologies. IPwe is committed to improving ROI whether measured by dollar returns, jobs created, ventures launched, or problems solved by increasing transparency, lowering costs and enhancing returns for the entire innovation ecosystem.