Exo, a pioneering health information and devices company based in California, is on a mission to modernize medical imaging through their high-performance handheld ultrasound platform and artificial intelligence technologies.
However, they faced daunting challenges when it came to managing their most important assets, their intellectual property.
The challenge
Exo was relying on IP law firms both in the US and internationally, with whom they had to identify:
- their own renewal deadlines
- the different jurisdictions they had to transfer funds to
- and the amounts needed to be transferred
They did not have full confidence whether they were identifying payment due dates ahead of time, which is crucial, so the payments to different jurisdictions arrive on time and the patents won’t go into a surcharge period.
As these activities needed a lot of extra attention internally, they were manual and time-consuming; they were a burden and source of stress inside the company.
The lack of absolute certainty led Exo to search for alternative ways to achieve:
- increased overview and total sense of control of all payment transfers by month, quarter and year
- the ability to obtain foresight and flexibly forecast future expenses long into the future
- the chance of changing renewal instructions based on new insights and making better decisions, faster and more transparent
Exo also questioned whether they were processing their annuity fees in the most budget-friendly way. So the combination of the stressful process of paying renewal fees and searching for a cost-effective solution resulted in Exo looking for an alternative.
“The timely payment of these annuity maintenance fees simply has to be addressed and needs to be removed as a source of stress and anxiety for any company with a patent portfolio.”
Why PatentRenewal.com
Exo identified some key needs that they were looking for in IP renewal providers, like the cost structure, whether they offer a software tool or not, how their onboarding process looks like and what type of customer service is available. Then they thoroughly evaluated various IP renewal providers on the market and sought for the best solution that meets all their needs.
“Yes, there are other solution providers out there who claim to say that they can consolidate all these advantages under one service, but none of them checked out all the boxes like PatentRenewal.com”
Exo made their choice and committed to PatentRenewal.com, because of:
1. The budget-friendly cost structure
2. The onboarding process, that is personal and tailored to their specific needs
3. The customer service that is available for them at all times
4. The user-friendly software platform, that has all the information they need in one look.
“It’s the total package that none of the other providers could provide.”
An all-round solution
By committing to PatentRenewal.com Exo has been able to achieve cost and time advantages. The company spends less time checking if their deadlines are being identified and met, if their payments have been made and when, and if their assets have been clearly identified. Not to mention that they are spending fewer costs on these tasks. Their annuity renewals are completed with much less effort and time, and more cost-efficiently at the same time.
On their personalized platform, Exo can see all their patent renewals in different jurisdictions, they can renew their patents in one click or put them on hold/stop them. They always receive renewal and payment notifications well in advance, so they can never miss a deadline. Their team can follow their payments and the whole renewal process real-time with the different cost categories fully visible to them.
Not to mention that they can see the past and upcoming costs for their renewals, easily make decisions, and access all past and upcoming invoices.
“I would rate PatentRenewal.com as a 10/10, it really checks all the boxes, especially in terms of cost and time. It really fills a long-felt need not just personally, but in the industry overall, to finally gather under one roof a service that has a global reach that can solve this vexing issue of timely payments, with multiple jurisdictions, multiple moving deadlines, that is scalable as your portfolio grows. We were not able to find that in any other solutions we have investigated.”
In summary, Exo’s switch to PatentRenewal.com's IP renewal services have taken their approach to managing their IP portfolio to the next level. By embracing PatentRenewal.com's technology-driven solutions, they overcame the challenges of the manual, time-consuming and costly process. The results were significant cost savings, increased efficiency, and enhanced stakeholder satisfaction.
If your company is grappling with IP renewal challenges, consider the success story of Exo.
Join the growing number of 1500+ patent owners who have entrusted their IP renewal to PatentRenewal.com.
Contact us today for a free price comparison, or book a meeting with one of our experts to learn more about our solution and platform’s main features.
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