Simon KrystmanSocial & Technology Entrepreneur
IdeasPatch brings together those looking to commercialise innovations with an investment community prepared to fund the cost of the patent application.
The process works by allowing inventors to submit a funding application through our online Inventor Portal. Approved applications are hosted on the platform and receive pledges from investors. Once these pledges reach the target amount, we are able to instruct a patent attorney to proceed with the patent application and the inventor receives a licence over its development and commercialisation. This license provides royalties and hence a return to the investment community.
With the help of a secure legal framework designed by award winning law firm Shoosmiths, a Governance Board convenes every six months to monitor these arrangements until such a time the inventor wants to take ownership of the asset or wind down the arrangement. We believe this unique crowdfunding platform could be set to revolutionise the patent process.