Importance of developing a strong portfolio
The value large tech companies ascribe to patents is apparent from their large patent portfolios, but the value to startups is no less real.
For example, a paper by Professors David Hsu and Rosemarie Ziedonis examines the degree to which patents enable entrepreneurs to acquire financial capital across the new venture life cycle. The authors conclude that having more extensive patent application portfolios increases the likelihood that entrepreneurs attract initial financing from venture capitalists.
Specifically, they found that a doubling in the patent application portfolio of a new venture is associated with a 24% increase in valuation, representing an upward funding-round adjustment of approximately $12 million for the average startup in their sample.
And patents can help improve the likelihood of a successful exit: startups with strong IP positions were six times more likely to become "winners" rather than "losers" for the investing VCs." Building a strong patent portfolio also shows that a startup is committed to long-term success.
Lumenci's team of expert patent mentors work directly with innovative companies, coaching them on how to turn their creative work into patentable inventions and work closely with them while they do. And to ensure the best possible results, we strongly encourage inclusion.
Our services also extend to law firms where we provide a skilled, cost-effective, elastic resource. Our deliverables are adapted for each of our legal partners and each engagement, typically including search and drafting services. Lumenci also excels at invention identification, leading invention mining, and invention brainstorming sessions.
Lumenci as an IP Partner
Startups must focus maniacally on their core competencies and seek partners to provide non-core services. For example, they might use AWS for Cloud, Salesforce for CRM, and Slack for collaboration.
However, many companies lack a partner for invention and patent services, and that is where Lumenci can help: by providing experts in patenting to your company.
Lumenci provides a full set of the invention and patent services ranging from education and mentoring to invention development and documentation, all the way through patent filing. We typically accomplish this by partnering with the client's preferred IP Law firm.
Lumenci categorizes our services in two phases, with Phase 1 encompassing developing both your invention and your inventors. In Phase 2, we work with your inventors to get high-quality patent applications filed on the broadest possible technology.
IP Development Services
In our IP development practice, we help innovators develop impactful inventions. We support inventors through the entire patent lifecycle. And as with all Lumenci services, we provide project budgets upfront, so you have cost-certainty.