Shoosmiths advised the founding entrepreneur behind IdeasPatch, a new online portal that enables inventors to crowdfund the cost of filing patent applications for their inventions. Interested investors are then able to ‘crowdfund’ the patent application, effectively overcoming one of the cost barriers to commercialising innovation.
The new portal - http://ideaspatch.co.uk/ - enables inventors to protect and promote their ideas to investors for their interest, without spending thousands of pounds upfront on the patent process.
Shoosmiths advised on the legal framework that brings investors and inventors together whilst looking after the interests of both parties.
Since launch in 2017, 40 ideas have been showcased on the site.