InnVenn is an online patent search and discovery platform, powered by blockchain technology to record patent data in transparent and immutable ledger databases, all at prices that dwarf those charged by patent attorneys. InnVenn users can either pay for these services in fiat cash or in the company’s LociCoin cryptocurrency; this digital coin is currently in ICO to crowdfund InnVenn.
What Is InnVenn?
InnVenn is a product of Loci – the company behind the LociCoin ICO. Founder and CEO John Wise created Loci and InnVenn in order to streamline and democratize the patent industry; his background in automotive engineering meant that he possessed intimate knowledge of how difficult, time-consuming, and expensive it was to deal with patent law or even to simply run a patent search.
InnVenn is a patent search service, similar to those that a patent attorney would have access to, but differs radically in that it is highly accessible. Cursory searches are free, but subscribing to InnVenn on a monthly basis unleashes all the services the company has to offer.
In fact, InnVenn is priced at just $249 a month – or 100 LociCoin – and offers unlimited searching and visualized search results. Traditional patent research, by comparison, can cost upwards of $2500 per search, provide hard to understand results, and can be a waste of money if no results turn up, as you still have to pay for the search services.
There are two core opportunities presented by InnVenn. First is the groundbreaking, truly disruptive ability to conduct unlimited patent searches for a fraction of the price of even a single search. This represents an innovative cost-saving tool for any patent attorney office, or for a startup looking to ensure their own in-development products and services don’t infringe on any current copyrights.
A second opportunity is the one presented by the blockchain-based technology behind InnVenn, as developed by Loci. Not only does the blockchain ledger make it simpler, easier, and less expensive to conduct patent searches, since the LociCoin currency is powering the blockchain, investors can participate in the ICO.
The LociCoin ICO takes place in four rounds, from December 6 2017 through December 31 2017. Base price per LociCoin is $2.50, purchasable in an equivalent quantity of Ethereum; meanwhile early purchase of LociCoin is incentivized by offering discounts that bring the net price down to $0.33 per coin (during the first round) to $0.75 per coin (in the final round).
In addition to its speculative nature, LociCoin will also be used on the InnVenn platform to pay for monthly access and also to purchase patents that have been placed up for sale on the platform. Inventors who do sell their patents in this way will receive LociCoin in return as payment.
InnVenn represents a major paradigm shift in patent search and sales, thanks to the harnessing of blockchain technology. The system could have a major disruptive quality on the current landscape when it comes to patent search and registration, which can literally take years and tens of thousands of dollars – or more – from start to finish.
This makes InnVenn a very good investment for individuals looking to delve into an ICO. This doesn’t erase the fact that all ICOs have a measure of risk, just due to their very nature; however, InnVenn – and the company behind it – represent one of the few but welcome instances where blockchain tech and an ICO are providing a worthwhile service, if a niche one.
If the services rendered by InnVenn are as high-quality as the ultra-expensive version of patent research provided by high-priced patent attorneys, Loci may have a major hit on their hands.