October 28, 2009

Chicago-based intellectual property development firm newest Purdue Research Park affiliate

IPXtract follows a business model created by Chris Haigh, president of the Chicago-based firm and an alumnus of Purdue University's College of Engineering, and Jeff Schwindt, a fellow engineer and IPXtract team member.

"The business model used at IPXtract is the same Jeff and I developed to form Tissue Extraction Devices LLC," Haigh said. "We agreed that if we collaborated on engineering and patent work for the company without either of us charging the other for our contributions, he and I would become partners and create a business together. Using this model, Jeff, my colleagues at IPXtract and I seek to develop mutually beneficial working relationships with like-minded entrepreneurs."

In exchange for IPXtract's work in developing their intellectual property, entrepreneurs share an interest in the company that is created.

"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 said.

Because they do not pay hourly fees, entrepreneurs who work with IPXtract can save money during the invention development and intellectual property protection process. The patent process alone costs as much as $25,000. The IPXtract team also is allied with firms that can protect patents should litigation occur.

Haigh said the firm provides services other than patent and legal work.

"The typical waiting period to receive a patent often is much longer than two to three years," he said. "But 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. 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."

Haigh explained why he and his colleagues at IPXtract decided to become affiliates of the Purdue Research Park of West Lafayette.

"There are many resources offered at the Purdue Research Park that we didn't know existed before. We wish we had known about them a long time ago, and we will take advantage of them now," he said. "For example, we can connect with Purdue University engineers. The Purdue Research Park also has professionals who can help us market and promote, arrange meetings, and set up conference room spaces. It is a place where entrepreneurs can be comfortable and rely on great services. These may benefit every client who walks in the door of IPXtract. Finally, there is a wide variety of biomedical and medical device innovation already being developed at Purdue Research Park. We know we are among some talented and like-minded firms."

About IPXtract

IPXtract is a small organization offering nimble and efficient assistance in the area of protecting patents and monetizing inventions. Our skill set and qualifications include a registration to practice before the patent and trademark office, four engineering degrees, and three law degrees. More information about the IPXtract team can be found at http://www.ipxtract.com/about.html

About Purdue Research Park

The 725-acre Purdue Research Park (http://www.purdueresearchpark.com) has the largest university-affiliated business incubation complex in the country. The park is home to more than 157 companies. About 100 of these firms are technology-related and another 39 are incubator businesses. The park is owned and managed by the Purdue Research Foundation, a private, nonprofit foundation created to assist Purdue University in the area of economic development. In addition to the Purdue Research Park in West Lafayette, the foundation has established technology parks in other locations around Indiana including Merrillville, New Albany and Indianapolis.

To the Purdue Research Park, http://www.purdueresearchpark.com

Purdue Research Park contact:
Steve Martin, (765) 588-3342, sgmartin@prf.org

Source:
Chris Haigh, (312) 972-4730, chris@ipxtract.com