How can a party protect its invention?
A patent is one of the best ways to protect a concept or improvement. Trademarks would cover the product names and slogans that might be affiliated with the product. We work with the firm Hurley Stanners to provide our clients with the best patent and trademark protection possible.

Will disclosing my idea to IPXtract commit me or risk the confidentiality of my idea?
No; all initial consultations are free and non-binding. We’d like to learn about you and your concepts before either party makes commitments. All communications with IPXtract are confidential and any information you divulge will not be shared with outside parties without your prior consent. We have a non-disclosure form for your added sense of security.

Why would you share information with outside parties?
A large part of the success of our business model is based on our existing relationship with engineers, marketing representatives, manufacturers, venture capitalists, patent attorneys, etc. Before engaging a client, we like to have professional input from our network, which will help all of us determine the feasibility of your concept. We have standing confidentiality agreements with these entities.

How is IPXtract’s business model unique to the field of product development?
We offer an alternative to law firms and typical invention promotion / invention development companies. We have years of large-firm experience procuring patents and trademarks for standard fees. But we recognize the value in partnering with inventors to promote their concepts in an effort to maximize the inventors' profitability. To achieve this, we offer minimal out-of-pocket fees for inventors, and we don’t begin to see a profit until the inventor sees a profit. In other words, we do not make money until you make money. We also offer pricing models for those inventors who want to just pay upfront for the patent application and use our resources on a pay-per-use basis.

How does it work?
We have in-house resources that assist with product development and engineering. We also have experience with the FDA approval process and funding resources. Finally, we work with Hurley Stanners to submit patent and trademark applications when applicable, and we work with our existing network in order to help you extract the maximum value from your invention. Again, since we have just as much "skin in the game" as you, we are all equally motivated to see your product succeed.

What is my risk?
Should your concept not become profitable, your risk is limited only to your time and any expenditures you decide to make on your own.

What is the risk to IPXtract?
In the event your concept does not become profitable, our risk is our time, any resources or monies we contributed, and the reputation of our business.

How can I determine if my concept will eventually be profitable?
Unfortunately, there are too many variables in the marketplace to accurately predict the success of a concept. However, by keeping costs low we hope to encourage innovators to bring their ideas to the marketplace. If you are passionate about your idea, chances are others will be as well.

What services does IPXtract provide?
IPXtract provides accomplished engineering, product development, business development, FDA guidance, and funding guidance in the medical device and related industries. IPXtract also has a presence at Purdue Research Park, where we facilitate the development of our projects by utilizing the vast resources available to Purdue Research Park affiliates. Finally, IPXtract partners with the Hurley Stanners law firm so that IPXtract and its clients can have top-notch, yet affordable patent, trademark, and business resources. When feasible for both IPXtract and the client, IPXtract will take an interest in the joint endeavor, effectively minimizing the out-of-pocket costs for early stage companies in exchange for a portion of the back-end profitability. We find this saves resources for the client when those resources matter most: at inception and in early development stages. However, we will also consider projects where the client wishes to keep the entire equity to itself.

How does the IPXtract equity model compare to traditional product development firms and law firms?
We believe we are the “best deal in town.” Assuming IPXtract and client agree to proceed under the equity-stake, joint venture model, IPXtract does not charge for its resources, and does not profit from any of its joint ventures until the inventor profits. Any agreed-upon up-front fees are used to cover out-of-pocket expenses, such as the costs of filing at the US Patent and Trademark Office (USPTO), the cost of formal patent drawings, and other fees that may come up during the monetization of your invention. We also set our team of engineers and researchers on your project for free. Essentially, we make sure you are never nickel-and-dimed, and won’t have any additional fees involved in protecting and monetizing your invention. Our profit, and yours, comes from the eventual back end profitability of your concept.

How does IPXtract profit?
Our business model is based solely on the idea that none of us should be making money until the project is making money. Therefore, if we agree that your concept is something that can eventually be profitable, we will work with you for equity in our joint venture. Once the project is profitable, debts are paid first, and then all parties enjoy the profit together.

What other costs might I incur?
If your idea will require engineering, design, manufacture or marketing that extends beyond our own resources, these costs will be borne by you, the client, or may be subsidized by any funding that we or you are able to acquire. Our aim at IPXtract is to minimize our and your out-of-pocket expenses. In some cases, other entities will be willing to work on contingency as well, requiring low or no additional costs to you.

If I incur substantial costs during the development of my idea, how does this tie in to your fee structure?
Our goal is to facilitate eventual profitability for all parties. After engaging IPXtract, if you incur additional development costs either out-of-pocket or through financing, those monies will be refunded first once the product begins generating revenue. Only after your reasonable out-of-pocket expenses have been paid from product proceeds, then we will take one third of what remains. Our intent is not to play with the numbers, but for everyone to profit. This is a relationship based on good faith.

If revenue from a product does not cover the costs of development, does IPXtract share responsibility for these costs?
No; this is separate from our business relationship. All business arrangements involve risk. Our risk is limited to our time and our own investments.

How do I know IPXtract will be interested in my idea?
We evaluate each concept based on its individual merits. We don't have a set percentage of ideas we accept. Our goal is to maximize the market value of ideas. We also have significant experience and interest in medical devices. If we feel committing our time to helping you will eventually result in a profit for all parties, we will consider working with you.

How developed must my idea be before IPXtract will consider working with me?
Naturally, the more developed your idea (e.g. drawings, market study, etc.), the easier it is for us to protect your idea and derive its value. If in principle your idea seems worth pursuing, but requires further development, we can likely steer you in the right direction and help with the development.

How long will it be before my idea will be profitable?
It is impossible to predict how much development and engineering your product may need. Moreover, the patent process can easily take more than two years from filing to patent issuance. Nearly always, the patent can be sold for a far greater profit once it issues. However, if selling an actual product makes more sense, development and marketing could occur simultaneously with the patent process. We also explore licensing relationships before patent issuance in certain circumstances.

How can I be sure IPXtract will commit the necessary resources required to obtain eventual profitability from my idea?
The essence of our equity-stake model is that we have a financial interest in seeing your concept through to profitability. If our clients’ ideas are not profitable, we are not profitable. We like to think of our business as one in which client and firm are on the same side of the table.