The old adage that “knowledge is power” has never been as true as today. The information age has the ability to convert data and process it into money faster than at any other time in history. Ask Mark Zuckerberg, the founder of Facebook who, at age 26, finds himself Time’s Person Of The Year, and controlling a net worth of several billion dollars.
Zuckerberg is, of course, just one of countless individuals and companies that have profited from discovering new ways of using software and hardware to affect people’s lives. Underpinning much of this is the patent system, the complex of rights and regulations that grant various exclusive permissions to patent holders. Although the idea of patents can bring to mind images of the lone inventor, slowly building a manufacturing empire based upon their creative product, holders frequently monetize their patents without manufacturing a thing.
Take for example Advanced Voice Recognition Systems, an Arizona company that holds patents to technologies critical for turning the spoken word into written text. One of their patents includes 42 claims, covering a broad base of features applicable to potentially every existing Automatic Speech Recognition (ASR) product. Another patent includes 18 claims, covering a range of features essential for client-server based ASR products. As a result of these patents, many current participants in the ASR field may be subject to licensing fees. Their portfolio of intellectual property is the foundation of their business model and intended licensing and strategic relationships with other companies. The company is committed to vigorously supporting and defending their patents through infringement and interference proceedings.
The licensing approach removes all of the risks and costs associated with product development, production, and marketing – things that can easily drain resources and attention from the critical task of patent enforcement. For this reason, licensing is seen as one of the most cost-effective methods of patent monetization. In the case of Advanced Voice Recognition Systems, the speech recognition market is estimated in the billions
For more information on Voice Recognition Systems, visit the company’s website at www.AVRSys.com
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