inovia was recently featured in a customer story by AusIndustry, the Australian government program that supports innovation and small business development in the country. The study acknowledges the investments made in inovia to help it grow into the strong brand it is today.
With an initial investment in 2004 from Divergent Capital, a fund manager licensed under the Australian Government’s Innovation Investment Follow-on Fund (IIFF), inovia was able to invest in its marketing presence and technology, building the foundation for its foreign filing platform that has been used by over 1,000 clients.
“In the late 1990s, opportunities arose with the web – services such as flights and hotels were beginning to go online. [inovia founder] Justin [Simpson] saw the potential for IP to also go this way – providing better value for clients,” commented inovia CEO David Nelson in the customer story. “During the past eight years, inovia has grown with government program support, graduating to becoming a self-sustaining, successful commercial enterprise with offices around the world.”
Recently, we celebrated our 10th anniversary, acknowledging the customers who have helped us to grow along the way. The initial investment, made two years after inovia’s creation, also helped to spur our growth immensely. In addition to fueling R&D development, the investment enabled inovia to expand its global operations; in 2004, inovia hired its first employee outside of Australia (in New York) to begin sales and marketing activities in North America.
You can explore our history further by clicking on the below infographic, which points out key milestones over our last 10 years.
Today, inovia has come full circle from its beginnings as a startup seeking investor backing to a successful global company that assists startups, law firms and established corporations alike in streamlining the foreign filing process. And in that process, we’ve shifted the industry’s thinking about how foreign filing should be handled.
It hasn’t been an easy road, though. “In the IP industry, patents are extremely valuable, and inventors do not give their trust to just anyone. It has been a big battle for the company to build the trust of inventors,” David said.
In the early days, our model was also a tough sell to companies and especially to law firms, since change and innovation has not been commonplace in the IP industry. However, our work has paid off and our filings continue to grow. In 2011, we filed 20 percent more PCT filings than in 2010 and we were also ranked as the third largest filer in the world by Managing IP magazine.
Our success has repaid the faith of our loyal shareholders, including Divergent Capital, and we’re excited about what we’ll be able to achieve going forward.