John Wise was a Congregationalist reverend and political leader in Massachusetts during the American colonial period. Wise was noted for his political activism, specifically his protests against British taxation, for which he was once jailed As the pastor of the Chebacco Parish from 1680 to his death in 1725, Wise lived in Ipswich, Massachusetts, often called "the birthplace of American independence."
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With an extensive technical and engineering background, I began my career in the auto racing industry as a lead mechanic, crew chief, and design engineer. It’s during this time that I developed a deep curiosity around the patenting system, while I worked with a team that invented hundreds of technologies, and began theorizing a way to simplify it. Too many great inventions never hit the market because of the pitfalls in the current system.
In 2008 my father and I started devising the theory that would become our own granted patent “System And Method For Fuzzy Concept Mapping, Voting Ontology Crowd Sourcing, And Technology Prediction US9461876.” Currently this has born InnVenn, a contextual patent search tool, that drastically cuts down the cost and difficulty of research, by as much as 60%. Now, Innvenn is incorporating blockchain technology to give immutable proof of intellectual property rights on a global scale and will become the medium for a revolutionary and global exchange of ideas.
Now as the CEO and Chairman of the Board of Loci, I’m currently focusing my time on building awareness to our company’s mission and ICO launching October 1. With enough support from the community and participation in our ICO, our company will be able to execute on our strategy and technology to solve a very big problem.
I’m John Wise, ask me anything. I’ll be here at 3 PM EST to answer all your questions!
I've got time for a couple more questions. Anything else? If not, it has been a lot of fun. I hope we can do it again soon.
To stay in contact please join our slack at https://loci-innvenn.herokuapp.com and visit our website at Locipro.com. There is a newsletter opt-in at the bottom.
what are your methods in determining whose patent to accept if two people at the same time comes and registers it in your site, but they both only have their vocal confirmations that they are the ones who has the right for the patent?
First off, we do not determine patenting rights, as we are not a patent office or patent agent.
Other than that it comes down to time stamp to the millisecond.
I'm not aware of the patenting system.
What is so complicated about searching for patents?
Well this is a broad one. I'll give you a test to run on your own. When an inventor creates something new, they also create the name for it. When they create the name for it (aka the keyword), it doesn't exist in any searching databases. Ultimately this leads people to searching via what it fundamentally does. It's "context". So here's the test. Open up google and do a search for a "wheel" with one catch. Try describing its function instead of using the term wheel. Maybe "round rolling thing on a single axis"
In the world of ICOs with cryptocurrency at the moment, many people say that they are a ponzi scheme and won't survive. What will make your idea survive in the landscape?
Real underlying assets that contribute to society and GDP (global domestic product). The coin wasn't created for Loci to make a ton of money, it was created because a consistent "non-fiat" currency is far superior for a global asset like inventions.
How will your tokens gain in value. What's in it for ICO investors?
Well initially, they are anticipated to rise to the equilibrium price of $2.49/coin. This is because there is a fixed ratio to the USD price for InnVenn (either $249/month/user, OR 100 LOCIcoin). From there it has everything to do with the quantity of invention assets in circulation. I could go into this for a long time, but in a nutshell, as inventions become listed on the blockchain and businesses buy them, there is an increase in price and MUST be purchased with LOCIcoin. When they buy the coin from the coin holders (ICO investors or inventors) there is an opportunity to increase the value of each coin in a speculative market.
Don't you think that adding a token for the transactions on your site will just add complexity for the end user?
Well, no. Remember that the current process is;
-Finding the invention you want
-Waiting for it to become a granted patent
-Verifying its value (often through an auditor)
-Finding an attorney
-Suing or offering to buy through your attorney
-Going through the transaction and escrow process
-Verifying assignment with USPTO (often takes months)
-Then finally receiving a patent.
-With our system and coin, it moves all of this to a matter of minutes with only Loci as a verification third-party.
Do you get your data from patent offices then or do you wait for people to register their patents to your site? What's the incentive for people to register their patents to your site?
All of our external data (non-user inputted) currently comes from IFI Claims. They have direct lines of communication with patent offices all over the world. They clean the data up and make it consistent, then send to us (it takes seconds). They are the same patent data suppliers for Google and most of the top names in the business.
We are not a patent office or a Patent attorney. We do not accept people registering "patents" on our site. We do however allow people to claim a "Public Disclosure". This can be used to show priority date (effectively when it was discovered)
how will your platform become an exchange of ideas?
This is a pretty vague question. I would be happy to answer, but we have a white paper explaining exactly this.
when/why did you decide to do an ICO?
I believe it was around April. Our product InnVenn was having a successful beta, and a few people put the bug in our ears about staking inventions that weren't intended to be patented on the blockchain. Then selling what were originally unwanted assets for a consistent currency and valuation metric.
That being said several of the concepts involved in the ICO were written into our original patent draft in 2008.
Any big investors that you guys have partnered with?
Several. In our last equity round we received investment from Torian Capital (a growth equity fund known for doing $100M-$500M investments), Edison Partners (a large institutional VC), and CIT (the State of Virginia's high tech fund).
For the SAFT we have some very very big names, but unfortunately I can't publish their names without their consent.
Do you already know on what exchanges LOCI token will be available? And when?
We do, however until we receive their consent to publish their names, we must remain quiet. There are a few large ones, and a couple of small ones.
Why does your patent engine need a token? Wouldn't any fiat coin make sense to use?
Users can access the search engine with fiat ($249/mo) or tokens.
Who are your competitors?
Well we have several. They are all in different aspects of Loci.
-Google is an obvious one from the search perspective.
-Patent searching specific, LexisNexis and WestLaw are the largest.
-I think for anyone in crypto, they all feel like the Federal Reserve is one.
-Lastly, I suppose the stock markets as well.
-For the record, we are working with many of our competitors though.
Why are you guys using the ethereum blockchain over others?
We feel that the scalability updates and direction of where it's protocol is headed as being the best partner for us. At full scale, Loci will have considerable transactions a second. We will need to have much more development in Ethereum in order to support that, but we feel strongly that the team behind it will get us there.
Freedom to Operate opinions while frequently overlooked by innovators is an almost equally important aspect of a sound technology development strategy. Does/will Loci be offering Freedom to Operate opinions as well?
Per us not being a registered Patent Agent, we cannot. However anyone that signs up for Loci's InnVenn will either be directed toward a patent agent, or will have signed up directly through one. This initially secures the attorney client privilege, but also allows for their analysis.
can someone contest that for some reason whatsoever?
Im sure people would try. We are working directly with patent offices to become officially recognized by them.
Keep in mind, that PATENT disputes account for trillions of dollars in waste a year as is. If we could even make a marginal difference it would save the world hundreds of billions of dollars a year.
Expanding upon this question, what's the point of adding additional friction by making them first purchase your token, then turn around and use it on the platform? Wouldn't it be easier for the user to use an existing crypto currency and pay in one step?
The LOCIcoin tokens are an integral component of eco-system that we are building. It is needed to stake ideas on the blockchain and will act as the medium for the exchange of ideas/invention. There needs to be a token that underpins the underlying asset, intellectual property.
This is John Wise, the CEO of Loci. I will be here until around 4:30 EST (GMT-5)
Do you have other job and/or projects appart from Innvenn/LOCI? Is this your bread and butter?
No other Jobs. This is it for me. I do some advising as an SME and am a partner in a Venture Fund, but I do not work for anyone else. I wouldn't yet call it bread and butter, but it certainly soaks up all of my time.
Wow! Did not know that, insane!
It's surprising I know, but think of this. There are somewhere around 56M patents a year globally. All of which are reviewed subjectively. On top of that, if you and I both talk and came up with the exact same invention at the exact same time. Then go our separate ways to file our own patents. It would take around 18 months before the patent it even scanned into the patent office and published. Then another 5-7 YEARS before its reviewed for the first time. That means that one of us is spending all of our time and money on a business formed around a patent that we feel wholeheartedly will be granted. Just to lose it 7 years later when the patent office finally figures it all out. This is exactly why you see so many "patent pending" tags out there. No-one actually knows.
suppose that due to various reasons, governments no longer recognize patents. how would you pivot your company to re-use your service for another application?
Wow! Fantastic question.
By the time this happens, we would be forced to become the new Federal Reserve I suppose. In all seriousness, we would effectively become a crowdsourcing agent for research and development. Companies could come into our system to acquire technologies they wish to execute on. This would direct us to being more of a market for technologies. I suppose theoretically it would supersede the Stock markets entirely.
What is it that makes you stand out in this very busy ICO market?
We are different from the vast majority of other companies doing ICO's. One of the major differentiators is that we actually have a working product in InnVenn. We also have our own granted patent which maps out our technology. The patent actually details elements of what blockchain technology is known as today (the patent origins starts from 2008). We are also the only one, to my knowledge, that is tackling the issues of the IP/patent process. We are also backed by the state of Virginia (the home of the USPTO and SEC).
what does financial freedom mean to you?
You want to talk all things life and philosophy? I'd be happy to. join our slack: https://loci-innvenn.herokuapp.com
For me it means genuine contribution to society and receiving a fair compensation with real purchasing power.
Fundamentally I feel that we all want to be a part of something larger. Freedom should mean that we aren't stifled or held back for doing so.
That is quite a list of differences...but why should I invest?
I can't tell you whether you should invest or not. Please do so only after your own due diligence. What I can say is that we have the technology and team to execute on our strategy on solving a very big problem (the patent and invention process). And we know that we can not do this without the community of inventors and supporters standing with us. If you believe in our mission and plans, consider joining us.
Alright, I'm Signing off. Thank you for all of the great questions!!