LOCI is on a quest to unify the global and at times archaic patent world. As the company drives its capitalization via an upcoming token sale, we had an opportunity to sit down with the company’s CEO, John Wise for a deep dive into the companies and InnVenn Patent Discovery Platform. InnVenn is a superior patent searching tool that quickly and comprehensively searches the intellectual property landscape while fundamentally helping fuel innovation and the next generation of visionary’s.
Below you will find our interview with John Wise, the CEO of LOCI:
Q: Pretty exciting times for you these days. What is the company’s mission?
A: LOCI’s mission is to change the way the world invents and how ideas are valued. So many great ideas go to waste because of the prohibitive costs, time, and lack of transparency in the convoluted process of getting an idea protected with a patent. All the while actually getting rewarded a patent after the years and tens of thousands of dollars invested gives no guarantee of actually making money from your idea. The current system is risky and stifles innovation. Our platform will empower inventors and promote the effective matchmaking of ideas, capital, and talent.
Q: Can you give us a high level walk through of how your platform helps an inventor? Where are you using Blockchain?
A: There are four phases of the invention process that our InnVenn platform helps inventors with: search, discovery, ownership, and selling. We have a DIY proprietary search and visualization tool to help quickly find relevant patents to one’s search. What usually costs around $2,500 for a single professional search someone can do themselves in minutes. Through compound searching one can truly understand the IP landscape and help pivot from their original idea to discover something new and novel, what we call“whitespace.” Then the inventor can stake a claim on the Ethereum Blockchain which gives immutable ownership of their idea. Finally, our platform provides the marketplace for someone to sell or license their idea.
Q: Is there anyone else other than inventors that can benefit from using InnVenn?
A: Absolutely. InnVenn is designed to be a multi-sided platform that not only benefits inventors (really anyone with a good idea) but also corporations, researchers, and anyone looking to purchase intellectual property. We are the matchmakers that bridge the gap between those who make great ideas to those who can develop it and make it become commercially viable. We also work with IP law firms as affiliates who give users attorney-client privilege in their searches.
Q: Why did you want to solve this market problem and what makes you qualified to answer it? Why are you doing this?
A: Much of my inspiration for innovation comes from my time as a crew chief, data engineer, and team manager in the auto racing industry. In this rapid pace development environment, I witnessed hundreds of great inventions with game changing technology that would never come to market. In 2008 my father and I started working on a “System and method for fuzzy concept mapping, voting ontology crowd sourcing, and technology prediction” (US9461876) that we filed a patent on 2012 and finally got awarded in 2015. This patent details the technology used on our platform to fundamentally change the way innovation is conceptualized and monetized. After all the years, enormous expenses, and going back and forth with the patent office I developed first-hand experience in patent process and its many inherent flaws.
Q: Sounds like you are trying to get rid of patent system?
A: No. We work within the rules of the patent process and actually plan on working with the global patent offices to help streamline their processes.
Q: It is a crowded ICO marketplace right now. How does yours stand above the rest?
A: For one, we are an established business and actually have a viable working product in InnVenn. We’re not just a project with an alpha release and a fancy whitepaper jumping on the bandwagon. One can look into our expansive IP portfolio including our granted patent to see how much time and effort we have spent into this. Also, the problem we are aiming to solve with intellectual property is massive. An estimated 70-85% of global R&D (almost one trillion dollars) is wasted annually largely due to problems in the patent process. Our goal is become a leader in help in reducing this wasted money and potential. Most importantly we have the dedicated and talented team and advisors to actually execute on our mission.
Q: Do your tokens actually have any utility other than accessing your platform?
A: Yes. Our native LOCIcoin tokens are integral for the complete utility of our platform. LOCIcoin is used to stake ideas on the Blockchain and also acts as the medium in the exchange of ideas. For example, inventor Bob finds a great idea and uses one LOCIcoin to stake ownership of his idea for facial recognition biometric technology. LOCI recognizes its value and can purchase it from Bob for 1,000 LOCIcoin and then sell it to Apple as part of a greater IP portfolio for the next generation IPhone for 10,000 LOCIcoin. Apple will have to buy the LOCIcoin direct from Bob or from the markets. This economic model drives up the value of the tokens based on the underlying IP discovered in the platform.
Q: What is your progress thus far?
A: We are currently running a presale of our LOCIcoin tokens to accredited investors through the SAFT agreement with Cooley LLP. Qualified and interested participants can fill out the SAFT form on our website and email tokensale@LOCI.io. The public token sale is scheduled for later in this quarter.
On the development side, we are working on and testing the Blockchain integration with InnVenn. The searching and claim creation process is available and ready. Everyone can access InnVenn for free or pay $249 monthly for the most update to date data and advanced features.