Two university students from the National University saw a demand in the market and had created a company called PatSnap. This PatSnap software was created to provide information like patent insights, financial records, deals, and scientific journals. This was done for the purpose to help companies see where and what area they should be directing their R&D toward.
- Their business has gained great success as they provide services for unique spaces, specifically in the R&D process where companies invest a lot of money in this division of their company. In addition to providing vital information to their users,PatSnap has allowed companies to save costs and they provide patent information in a simplified form, whereas before companies would need to hire lawyers to analyze patents.
- The team at PatSnap believes that the company will grow further as data collection and analysis is the new must-have to gain a competitive edge. With high barriers to enter the patent market, such as required knowledge, time, and investment. This will provide them with the foundation needed to succeed and expand their market presence.