Inside Counsel: Innography provides answers to intellectual property questions
Today, patent litigation is a gigantic business as well as one of the most challenging areas for companies to navigate. And with litigation costs now reaching the millions, understanding the potential outcome of a case can save companies significant amounts of money.
One company, Innography, a patent analytics software provider, gives its clients better intellectual property (IP) answers for improved business results. Founded in 2007, Innography’s software suite combines unique correlation and visualization technologies to enable users to quickly gain insights for managing, extending and exploiting their patent portfolios.
I recently sat down with Tyron Stading, president at Innography, to discuss why Innography has become so successful and the current state of patent litigation.
Founded in 2007, the company’s solutions streamline and improve IP analysis to enable organizations to get products to market faster, uncover new revenue sources, keep track of competitors, preempt litigation claims and stay on top of IP-associated functions. Already in 2014, according to Stading, Innography has been named the winner of two content CODiE awards, including for Best Legal Information Solution, and was listed in the Open Data 500, a study of U.S.-based companies that leverage open government data. In fact, according to Stading, companies now require Innography experience on job postings because we are the gold standard in IPBI.
“Humans have a difficult time predicting which patents will be involved with litigation as only 2 to 3 percent of patents are ever litigated, but machine learning does a very good job to narrow the risk,” explained Stading.