Saturday, March 24, 2007
LegalForce Launches Online Marketplace for Intellectual Property [International]
The Online Marketplace Where Owners of Intellectual Property Can Buy, Sell and Build Interest for Their Inventions and Patents PALO ALTO, Calif.--LAWFUEL - Law News, Law Jobs --LegalForce (www.legalforce.com), a Palo Alto based startup, today launched the web’s largest IP marketplace. The user-friendly site showcases a powerful set of features, offering a single online destination for the selling, buying and licensing of intellectual property rights; a free searchable directory of US patents linked directly to attorney and inventor profiles; and a professional network where people interested in intellectual property can join groups, share ideas and collaborate with videos and forums.
The market for patents is valued at over $100 billion and now plays a central role in the economy, yet patents continue to promise unrealized value for owners. The LegalForce marketplace delivers a powerful way for inventors, entrepreneurs, small businesses, large enterprises and universities to monetize and capture the hidden value of their intangible assets. All can now use the LegalForce marketplace to license patents to third parties, avoiding many of the expensive legal and marketing costs traditionally associated with such transactions. “The IP legal profession is increasingly falling behind the changing pace of innovation in corporate America,” says Raj Abhyanker, patent attorney and co-founder of LegalForce.
“Entrepreneurial startups are able to generate innovations with tremendous market potential, but often fail to monetize their IP. Large enterprise programs lose visibility at the lowest levels, and miss out on opportunities to strengthen their IP portfolios and stay on the cutting edge. LegalForce delivers a trusted and secure marketplace where licensing executives, in-house counsels, patent attorneys and inventors can negotiate, complete and evaluate these increasingly important transactions.” LegalForce features a proprietary search engine which delivers contact information for all patent attorneys in the US and many others internationally. The LegalForce search engine also allows users to find and download all U.S. patents, and link to profiles of associated inventors, owners and attorneys. “LegalForce is committed to building the first online marketplace that empowers owners and prospective buyers of intellectual property with an easy-to-use and cost effective means of negotiating transactions.” said Babar Rana, CEO of LegalForce. “The e-commerce and social computing technologies powering the marketplace minimize the requirement of middlemen for the commercial exchange of intellectual property, and allow buyers and sellers to agree upon prices in a more transparent environment.” LegalForce also provides the tools and resources for inventors, attorneys, entrepreneurs, investors and IP professionals to express their ideas, search and access IP intelligence, collaborate with one another and expand their networks. Members can share ideas in forums, create distinct communities and express themselves with videos.