Periodic Reporting for period 1 - Patwiser (A revolutionary patent drafting tool powered by cutting-edge AI algorithms)
Reporting period: 2019-05-01 to 2019-08-31
More than 3 million patent applications are filed annually worldwide, a figure that is increasing by approximately 8% each year . Despite this vast number of applications, the cost of filing a patent remains a substantial barrier to individual inventors, universities and research centres, and early stage SMEs who are pre-investment or have raised only a small seed round to fund initial product development. The concept of the “patent bargain” necessitates that inventors disclose their invention to the public in exchange for a period of legal exclusivity. There exists a substantial need for solutions that reduce this cost of access to the patent system, particularly in the promotion of innovation ecosystems. Patwiser from Caravel Innovation is an innovative software platform that aims to address this challenge.
Caravel reviewed the current stage of the development of the Patwiser platform and designed a development plan for preparing it for market. A full review of the market opportunity was conducted, a commercialisation plan developed, and a detailed set of financial projections for the commercial phase were made. Caravel also reviewed the legal and regulatory requirements and identified the funding required to implement the next phase of development.
The expected outcome of the proposed innovation project will be a fully-functioning platform capable of generating patent documents in a semi-automatic manner. The project will involve optimization of certain functionalities and a full programme of demonstration and validation activities with the partners secured during the Phase 1. The potential impacts will include a significant boost to entrepreneurs, SMEs, and research institutions in encouraging the commercialisation of their innovative products. This will assist in extracting the maximum value out of existing and upcoming EU funding programmes for research and innovation.