By Frida Carrera
During the summer of 2021, computer science student Neil Sanghavi and computer science recent grad Ahan Shah, both from Fairfax, VA, reconnected to catch up with one another and discuss the projects they were working on. In doing so they discovered a mutual resolve to create something using innovative technology and solve a problem relating to intellectual property, specifically patents. Both Neil and Ahan had just started to get into crypto trading and realized that NFT technology had more to offer than its collectible aspect. Here the idea of PatentX was created: to use NFT technology to provide utility in an antiquated space that lacked efficiency.
“It is estimated that we have $1 trillion in unused IP in the United States currently. Additionally, it is reported that there is $25.6 billion worth of patent monetization available today. This is why we created PatentX, a blockchain-backed marketplace to facilitate intellectual property transactions. We built this to make sure the little man innovators and entrepreneurs have an outlet to monetize and connect their patents with the world. Not only that, we are creating tools for large businesses, law firms, venture capitals to manage all of their IP on the blockchain that can handle transactions in seconds.”
Neil and Ahan describe their product launch process as a great learning experience and are firm believers that there can never be too much help. They are currently supported by DXPartners and have received help from various mentors and blockchain professionals. They have been able to traverse obstacles and learn about the marketing, finance, and business aspects behind building a startup despite coming from a technical background.
Their vision for PatentX is to disrupt the traditional way intellectual property is being transacted and to become the World’s Next Web3 Patent Office. PatentX will be releasing an NFT collection of the most historic patent innovations this early March and encourage interested individuals to stay tuned for their launch.
To learn more about PatentX visit their social media:
To learn more about student innovation at Georgia Tech visit: https://innovation.cae.gatech.edu/