Photo - Pocket IP
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Pocket IP

Web service for management of Intellectual Property worlwide

Ukraine, Kyiv city
Market: Consulting, Services
Stage of the project: Prototype or product is ready

Date of last change: 12.09.2021
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Idea

Organizing and management of Intellectual Property objects worldwide with a single web platform.

Current Status

We intend to present MVP in September 2021. Currently, we are in the process of final testing the working product.
The business model was successfully tested on the example of the law firm Crane IP
For the last two years around 100 companies and IP specialists are provided docketing and search services in two or more CIS countries - they all will get free access to Pocket IP.
For today, we have established strong partner connections with lawyers from around 50 countries, who will be our partners for the online applications system.

Market

Our users are IP lawyers, inhouse-lawyers, and management and owners of companies in case of the absence of their own legal department.
According to the latest statistics of World Intellectual Property Organization, 11.8 million new trademark applications are filed annually in the world.
2.3 million filed by non-residents. I.e for all these cases the foreign lawyer is required to prepare and file an application.
Also, 11.8 million trademarks in the world owned by non-residents - for renewing these trademarks each 10 years foreign lawyers are required as well.
We estimate only these two segments of the global market in $800 million.
The markets of 5 CIS countries, which will be our key market in the first stage, we estimate $31 million.
The markets of the USA, Canada, and EU (EUIPO), which will be integrated into our system in the second stage, we estimate $181 million.

Problem or Opportunity

Our clients are Law firms’ specialists, Inhouse-lawyers and Owners, and management of companies in case of the absence of their own legal department.
What are the main 4 problems:
1. Docket hundreds of IP objects in dozens of different countries properly.
2. Run searches in separate national and international databases.
3. Update statuses and monitoring using TMs in time.
4. Find reliable and cost-effective lawyers abroad.

Solution (product or service)

Pocket IP has:
1. Unified docketing system.
2. Single search form with integrated databases.
3. Intellectual property infringement alert system.
4. Online application system to delegate intellectual property objects registration among trusted lawyers around the world.

Competitors

There are a relatively large number of similar platforms on the world market.
For example Marcaria, TrademarkNow, TM Cloud, DIAMS iQ, Equinox, IP Now.
Also, there are law firms that provide services throughout the region or through a network of partner firms.
Mostly, IP lawyers keep working with their own systems of docketing (very often, it is Excel files) and communicate with lawyers in other countries via email.

Advantages or differentiators

The systems, which are Pocket IP competitors, are all created exclusively by companies from the United States and Western Europe and target only the markets of developed countries or work with only one set of tasks.
Pocket IP will be the first unified integrated online system that works with all IP objects and in all countries/regions.
Firstly, we will work with trademarks only, with the integration of patents later.
In the first stage, we will integrate trademark databases of CIS countries, and the USA, Canada, EU, and EU countries with penetration on Asian countries markets and connecting Asian and North American and EU markets in our service.
Our advantages will be:
1. Cost - the minimum tariff plan for analogs starts at $100 per month. In a year, a full-fledged tariff package is tens of thousands of dollars. This price is too high for most medium-sized enterprises and for almost all companies in developing countries (including China).
2. Integrated search for a large number of national databases. Many services focus only on their national markets, or even on one process of interaction with the national patent office.
3. Ordering the services of a lawyer/patent attorney takes place immediately in the online service. Due to the fact that we will connect to the service of our legal partners from other countries, the client will be able to order all services around the world at once in an online office.
4. Improving the alert system. We are now facing requests from foreign colleagues with a delay of 1-2 months after the publication of the information by the national patent office.

Finance

Our main channel for monetization will be fees from paid services of lawyers in different jurisdictions (service commission per each order).
Also, there will be paid access to advanced features of our service (search
and docketing of the IP objects, alerts function).
In the future, we could offer customization of the service for the needs of big companies with their own R&D and large portfolios of IP objects.
We expect revenue of $30 thousand in 2021, with growth to $150 thousand in 2022 and $2 million in 2024.

Business model

Clients are the owners of TM rights and patents, and law firms that serve them and actively operate in international markets.
Our product is the only platform that meets all the needs of IP owners/lawyers working in several countries.
Thanks to the unique offer of your product, established connections in other countries, experience in foreign markets - the process of attracting customers to the service will be fast.
Our main channel for monetization will be fees from paid services of lawyers in different jurisdictions (service commission per each order, CPO).

Money will be spent on

Development of product (external developers).
Promotion on the global market (Online advertising, Content preparing and placing, Direct sales).
The main investments will be directed to the development of the technical part of the service.
Promotion will require hiring marketing and sales professionals, lawyers to support the service's clients around the clock, and system administrators to support the correct operation of the service.

Offer for investor

Share of 10-15%.

Risks

1. Rapid improvement and changing of the business model of main competitors.
2. Technical failures in trademark and patent databases of key national IP Offices, which will cause failures in Pocket IP docketing system.
3. Сonservative business approach of IP lawyers.

Incubation/Acceleration programs accomplishment

Participation in acceleration program of Startup Wise Guys (grant program of USF).
Free workplaces provided by NUMA in iHub.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Product Video