Chicago-based IPXtract, an IP development firm, has affiliated with the Purdue Research Park in West Lafayette. The university-affiliated business incubation complex is owned and managed by the Purdue Research Foundation and houses more than 157 companies. IPXtract’s business model provides entrepreneurs with marketing, promotion, and other support in exchange for an interest in the companies that are formed, according to Chris Haigh, IPXtract’s president and an alumnus of Purdue University’s College of Engineering. “If we become excited about the venture, the clients don’t have to pay for our hourly work and everyone benefits from the success of the newly formed company,” Haigh says. Because they don’t pay hourly fees, entrepreneurs who work with IPXtract can save money during the invention development and IP protection process. The IPXtract team also is allied with firms that can protect patents should litigation occur.
“IPXtract can help solicit funding that can be used to determine how to make the client’s product and take it to the market while the patent process is progressing,” Haigh says. “Because IPXtract does not make money until our client’s company makes money, we are as motivated as our clients to get products up and running.” Affiliating with the Purdue Research Park enables IPXtract and its clients to interface with Purdue’s engineering department and to tap in-house services for marketing, promotion, and event planning.
Source: Inside Indiana Business