Patent innovation started in the basement room
According to the World Intellectual Property Organization (WIPO), the number of patent applications has been increasing every year, reaching 2017 in 3.17 million. It takes a lot of time and money to look at these patents, analyze them to see if their technology is infringing on other intellectual property rights, and keep up with the latest developments in the industry.
TT Consultants, founded by Ms. Komal Talwar in India, and Xlpat Labs, a subsidiary of TT Consultants, apply artificial intelligence and machine learning to make work more efficient. In 2006, Ms. Komai, a law student attending a university in Delhi, decided to start her own business after yearning for an entrepreneur sister who was 2 years older than her. She asked her parents to create a TT Consultants in the basement room that would conduct patent searches for U.S. law firms.
For the first six months, it wasn’t gain much popularity, but thanks to online advertising, She got a job. After the global financial crisis of 2008, it increased business with Asian companies such as Taiwan and Japan.
A turning point came in 2012. The company began research and development after a customer asked if AI could be used to reduce the time spent by researchers during patent research. When you want to research something, you use well known product called Xlpat that picks up the top 10 related patent applications and scientific papers from around the world and also produces a summary report. Its strength is its ability to analyze information, and it can also measure the relative value of patents and their monetization potential.
Currently, more than 1000 companies around the world use TT Consultants’ services, and there are more than 100 customers in Japan, including major manufacturers. Ms. Komal’s vision is to democratize innovation. A small company that started in the basement has grown to this extent because it has pursued new innovations without fear of risk. She wants to create a system that allows anyone to easily convert ideas into innovation.
Ms. Komal Talwar Founder and Director of TT Consultants Co-founder of Xlpat Labs
In 2016, she received the Start-up Tel Aviv Award from the Israeli government for being sent to great startups. As a business leader, she attended the World Economic Forum’s Davos Conference.