LOCI’s mission is to revolutionize intellectual property (IP), enabling inventors to monetize their unique ideas while staying protected from IP theft and lawsuits. Our platform enables users to skip the complexity and expense of hiring a patent attorney while offering benefits not available anywhere else.
With the help of LOCI, anyone can:
- Perform unlimited IP searches for FREE
- Analyze their ideas to determine how novel they are compared with all current patents
- Sell or license IP with bidders from around the world using the LOCI Marketplace
- Prove ownership of IP around the world with the aid of Blockchain technology
But what do you need to start using LOCI, and how does it work? Read on to find out.
What You Need
To make the most of LOCI, users should have the following:
- An idea – inventors should have a unique idea that solves a problem. This idea does not need to be fully fleshed out, but at minimum, it should touch on:
- The invention’s purpose: what problem does it solve?
- The invention’s function: how does it work, and what are its most important parts?
- The invention’s composition: how is it made and manufactured, at least in basic details?
- An Ethereum wallet (optional) – transactions on the LOCI Marketplace use LOCIcoin, a cryptocurrency that is grounded in the value of IP. LOCIcoin can be purchased with Ethereum, and Ethereum can be purchased through exchanges like Coinbase.com.
- The Metamask extension (optional) – Metamask is a browser extension that works in Chrome, Firefox, Opera and Brave. It interfaces with LOCI allowing users to easily convert between Ethereum and LOCIcoin.
If a user does not have Metamask or an Ethereum wallet, they can still use the platform by simply purchasing LOCIcoin directly through the LOCI website.
How it Works
After creating an account, an inventor will go through a five-step process leading them from the conceptual stage all the way to the marketplace.
Anyone can start the process of filing an invention for free and perform an unlimited number of searches. If they please, inventors can then proceed to pay for an Invention Analysis and file a full provisional patent.
With that being said, let’s walk through the steps –
Polishing Your Ideas
When logging in for the first time, LOCI will prompt you to create a project. Projects allow an inventor to group different inventions together, create several different versions of the same invention, or simply refine their idea with time.
After creating a project, you will create your first invention. LOCI offers prompts to help its users describe an invention with as much detail as possible. It’s okay to start without much information, because this part of the process is best thought of as a drafting stage.
After finishing an invention, you may upload any prior art. Prior art includes sketches, illustrations, schematics and visuals depicting an invention and its function.
In patent law, prior art is sufficient to establish and defend the originality of an idea in court, so – although not required – this step is highly recommended.
After creating and submitting an invention, LOCI will generate a preview assessment based on intelligent analysis of the text and assets.
At this point you may choose to revise your invention or unlock the analysis for a LOCI Score which reveals the novelty of your idea. If you get this far, you will need to acquire LOCIcoin to continue. There are two ways to get LOCIcoin:
- LOCIcoin can be directly purchased with USD with traditional payment methods through the LOCI Platform.
[screenshot of the LOCI dashboard]
- LOCIcoin can be traded for Ethereum with the Metamask extension. When Metamask is installed, simply go to the Deposit page, and LOCI will prompt you to connect your account.
[screenshot of Metamask prompting users]
Once LOCIcoin is acquired, you can unlock a full analysis of your invention, which includes keywords, related documents, CPCs, and recommendations for a higher LOCI Score.
Searching Previous Inventions
At this point, you should definitely leverage LOCI’s comprehensive search feature to view similar inventions. This will help you to discover what is already out there, how to differentiate your invention further, and finally demonstrate that your invention is completely unique.
Occasionally, users may discover that related inventions can expand the functionality of their own idea. This is another important feature of the platform, as it gives inventors the chance to easily license or acquire other inventions.
Staking a Claim
When an invention receives a LOCI Score of 40 or higher, LOCI will allow users to stake their idea on the blockchain. Staking an idea creates an immutable entry in the blockchain recording an indisputable record of authorship for all time.
To stake an idea, go to your invention’s page and click “Stake this idea.” If “Stake this idea” is unavailable, your idea has already been staked, or it did not receive a sufficiently high LOCI Score, in which case submitting revisions is recommended.
After this, users will be prompted to post their idea to the blockchain, and – after a few minutes – verify the invention’s unique hash.
Depending on the LOCI Score, users may receive a reward in LOCIcoin for posting to the blockchain which can be used to submit further inventions.
Filing a Patent
Along with staking your idea to the Ethereum blockchain, LOCI encourages users to also file for a provisional patent through their platform. As of January 2019, users can actually file for a Provisional Patent through the LOCI Platform, similar to how one would file taxes through Turbo Tax.
- If you’ve already completed an Invention Analysis and are pleased with your LOCI Score, the Provisional Filing feature takes all the information and auto-populates the provisional patent application for you. All you need to do is answer a few questions, review, download, and send in the completed application to the USPTO. All of this assistance is at an incredibly affordable price point of $79 (plus government filing fees)
- If you decide you want more hands-on assistance in completing your application and filing for a provisional patent, you can select the next step up, and choose to connect with a patent attorney in LOCI’s preferred network at a discounted rate.
- If you already have your own attorney, the LOCI Platform makes it easy to export your documents and prior art to that attorney, so you can seamlessly continue on your innovative journey.
Capitalizing on Your Invention
Once you’ve gotten to this point, congratulations! You now have the makings of a provisional patent application, and you can go in one of two directions to cash in on your Idea:
- Wait for someone to place a bid to buy or license your IP – now that your idea exists is in the blockchain, it’s also in the LOCI Marketplace (unless you elect to keep it private). Anyone can bid to acquire or license your invention at any time, and you don’t have to do more.
- A license gives the bidder permission to use your idea, but not ownership over it. The blockchain will reflect this transaction making it clear that you remain the original owner.
- A purchase gives the bidder full ownership of your idea. This too will be reflected in the blockchain – though showing you to be the originator for all time, the chain of transfer will track whoever possesses it at any time.
- File for a Full Patent with the USPTO and begin actually building your product or idea to monetize it without selling or licensing your IP.
The Future of Innovation
Technology has opened many doors for creators in the last few decades, enabling anyone to create, share, publish and license multimedia works through platforms like YouTube, Soundcloud, Spotify and others. Until recently however, publishing and protecting innovations has remained cost-prohibitive and legally complex.
LOCI represents a breakthrough in technology which takes the keys to innovation away from big corporations, allowing anyone with an idea to disrupt the world. Like a seed, ideas bring forth more ideas, and the simplest invention can grow into something much greater than itself.
We firmly believe that by reducing obstacles to innovation, LOCI is forging a future in which technological and scientific breakthroughs can come from anyone, anywhere, at any time.
More about LOCI
LOCI’s mission is to disrupt the global patent industry, and to change the way the world invents and values ideas. We specialize in simplifying the patent search process by utilizing unique visualizations and providing comprehensive analysis to help determine the novelty and demand of an idea. To further understand the landscape of IP and learn more about LOCI, sign up for the latest updates above or visit our website here.
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