alternative to this crowdsourced search model.

[taniyaakter]

Crowded Platforms
There have been significant recent attempts to harness the power of crowdsourcing in the IP industry. One such experiment in 2000 was BountyQuest, backed by investors such as Jeff Bezos and Tim O'Reilly. It challenged people to find art related to previous innovations. However, it did not find favor in the market during that time. In 2008, Article One Partners, based on a similar model, succeeded. With Microsoft and Sony as clients, the platform has around 30,000 researchers on its books. CrowdIPR, backed by UK-based VC firms Northstar Ventures and IP Group, and RWS are another platform that is creating a growing

Crowds and Their Impact on the USPTO
The United States Patent and Trademark Office (USPTO) is the central agency for granting patents in the United States. In 2007, the USPTO unveiled a pilot called Peer to Patent, an online system that allowed the public to provide the USPTO with information related to the processing of pending patent application claims. This crowdsourced pilot was the first of its kind approved by the agency. More recently, in 2012, the USPTO used the America Invents Act to allow third parties to provide information to ex Costa Rica Phone Number Library aminers that would assist them in evaluating patent applications. The initiative has had limited success so far, but the agency is continuing to explore ways in which crowdsourcing can be used to its advantage .

Conclusion
As discussed above, through crowdsourcing, companies can expand their prior art searches and cover more bases. This has a direct impact on patent litigation, as it significantly reduces the chance of infringement. A good example of this is the way Philips was able to reverse the attack of patent trolls in 2012 using the crowdsourcing base of Article One Partners. In this way, they were able to save millions of dollars that could have been lost in the lengthy process of litigation or patent settlement. Crowdsourcing is an effective way to bring together diverse competencies in one place at reduced costs. With the right composition of researchers, companies can speed up their prior art searches and reduce the time required to obtain a patent.

This phenomenon applies not only to prior art searches, but also to other IP-related processes, such as patent litigation, patent valuation, patent acquisition, as well as licensing. The need for crowdsourcing is emphasized where the efficiency of prior art searches is of paramount importance. The crowdsourcing model has already begun to infiltrate, and major players are relying on it as the preferred method. It is only a matter of time before it becomes prominent and accepted as the most viable approach.