Every year patent litigation costs the involved parties around 30 billion dollars in direct litigation costs. Most of these patent litigations are started by NPEs/Patent Trolls and more often than not, SME business entities are at the receiving end. Once upon a time, when NPEs were not considered patent trolls, NPEs used to help small inventors capitalize from their inventions. Gone are those days and the good intent. Now, NPEs are focused on maximizing their profits, even if it comes at the cost of irreparable damage to innovation and economy. NPE nuisance has grown to such an extent that product companies are afraid of introducing new products in the market. As NPEs or patent trolls work on high returns, many of the law firms and information companies fall for the easy money and partner with NPEs thus leaving product companies stranded alone in the drift.
Why – PatentBlast was formed with the idea of helping product companies, especially SMEs, to challenge the NPEs, more specifically during complex patent litigations. With such a vision, a group of technologists, information researchers, and legal counsellors got together to fight the NPE nuisance and restore balance in the innovation ecosystem. Now the group has people who hold advance degrees in science and technology, law, and, were once upon a time, part of the NPE gang.
How – We decided to take the NPEs head-on by hitting them where it hurts the most – proving their patents invalid. We perform world-class invalidity searches with a very impressive kill ratio.
What – We could have started in a big and fancy way, setting up offices close to law firms in D.C., Texas, Delaware, and New York selling large ticket items to enterprise customers. But with SMEs in mind, we decided to make our services available online through our platform – PatentBlast. Going forward, we plan to create a platform, where defendants can collaborate with each other to achieve a win-win engagement in a cost effective manner.