Legal AI II

Created by team Team Tonic on October 24, 2023

The Problem and Market Opportunity The intellectual property industry, valued at $367 billion annually, faces a significant issue - the laborious and expensive process of crafting patent claims. With more than 700,000 patent applications filed in the US in 2022, there's a growing need for a game-changing solution. The Solution: PatentableClaimExtraction PCE offers a novel solution by listening to inventors' conversations, extracting patentable claims from these discussions, and formatting them into the required patent claim format. The result is a dramatic reduction in the time it takes to bring an idea to market, from weeks to mere minutes. This revolutionary approach caters to individual inventors and small to medium-sized enterprises (SMEs), democratizing the patenting process. Time-Efficiency: Reducing patent application time from weeks to minutes. Cost Reduction: Substantial savings on legal fees. Accessibility: Making patent protection accessible to smaller innovators. Accuracy: AI-driven extraction ensures high-quality patent claims. Market Size and Competitive Landscape Our primary target is the SME and individual innovator market, which accounts for 60% of patent applicants and a $220 billion market share. With limited competition in the AI-driven patent claim extraction sector, PCE holds a unique position. Our proprietary algorithms offer a significant edge in this market. PCE's business model includes subscription-based pricing tiers, a freemium model for individual inventors, and the licensing of our API to law firms and IP consultants. To drive adoption, we will partner with innovation hubs, accelerators, universities, law firms, and IP consultants. Continuous algorithmic improvement will further secure our market position. Behind this groundbreaking venture is a dedicated team with extensive backgrounds in AI, IP law, and tech entrepreneurship. Our experts in AI development, legal expertise, and business acumen collectively drive PCE's success.

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