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The challenge.
The directors of Catalsys realised that while they have considerable expertise in the development of technology to exploit ammonia to deliver ‘clean’ electric power, they needed outside help to identify what aspects of their technology might be patentable and to develop a strategy to manage all the other IP and intangible assets that Catalsys was creating.
The solution.
As part of the TDAP program, Catalsys used Inngot’s Goldseam online tool to identify and catalogue both its registered IP rights and its intangible ‘know-how’. The TDAP program also includes a bespoke IP audit from Inngot’s team, which consists of an online meeting, desk research and a comprehensive report.
Kevin Fothergill, CEO of Catalsys, says: “The audit helped us clarify the fact that we needed to be looking at all aspects of our IP, not just our core technology and patents. For example, following the audit, we have registered a number of additional trade marks.”
He adds: “It also helped us identify technology that was novel and so could be protected through patents, and technology that could be protected as trade secrets. When you are developing tech like this, you can undervalue some of the ideas you come up with because you think the steps you’re going through are obvious. So the audit helped us benchmark what is novel and of real value.”
Kevin says that he was aware of a lot of what the audit covered; but for other members of the team, who do not have his 38 years of experience in the hydrogen industry, the audit was extremely useful. As Kevin explains, “I was originally a chemist working in laboratories, so I was used to keeping a work book. But as a minimal start-up, I still don’t think we are very good at mapping trade secrets because we’re incredibly busy. But we do need a trade secrets log.”
Catalsys also commissioned a bespoke IP valuation from Inngot. It has used this in discussions with potential investors, and Catalsys has added it to its online Data Room. Kevin observes: “As a start-up, investors will try and talk you down. The Inngot valuation gives us a really good starting point for talking to investors. And it provides us with external validation for our figures.”
Kevin was struck by the detail of Inngot’s valuation: “It was particularly good. It wasn’t just a ‘one shot and done’ approach; it was an iterative process involving a number of rounds involving clarification and explanation which helped come up with what I felt was an accurate figure.”
“The audit helped us clarify the fact that we needed to be looking at all aspects of our IP, not just our core technology and patents. For example, following the audit, we have registered a number of additional trade marks. It also helped us identify technology that was novel and so could be protected through patents, and technology that could be protected as trade secrets.”
The result.
Catalsys has implemented strategies to manage its IP more effectively, has registered additional trade marks and has applied for patent protection covering its technology. It has used the Inngot bespoke valuation in discussions with potential investors.
