Thanks to online resources, searching for patents is a snap, and local site
PatentBuddy makes it even easier. The site offers patent search, analytics, inventor information, and other services, and as its popularity increases, it's likely that growth can't be far behind.
In June, the site will implement changes that turn the not-for-profit model into a revenue-generating powerhouse. Some features will still be free, especially for smaller law firms and individuals, but for Fortune 100 companies and large firms that maintain extensive patent portfolios through PatentBuddy's tools, a "modest fee" will be involved, says company president Leon Steinberg.
Considering how many users the site has, those modest fees could add up fast. The site as become the largest provider of patent analytics in the world, with over 250,000 monthly visitors.
PatentBuddy got its start in 2007, when patent attorneys Steve Lundberg and Janal Kalis, both shareholders at the Schwegman Lundberg firm in Minneapolis, rolled out the site as a way to increase access to patent information. They found that solo inventors had difficulty getting necessary patent data without relying on law firms for searches and analytics.
They built the site without a plan for revenue, but now that PatentBuddy has grown so robust, the fee structure will be put in place to spur further growth. Steinberg was brought on recently to help shepherd the changes.
"We have a large, well-structured database with just about every piece of patent information available, including foreign patents," he says. "That means we have unique reports and analytics, and we intend to keep being a resource with those for companies large and small."
Source: Leon Steinberg, PatentBuddy
Writer: Elizabeth Millard