Academic research institutes and universities are often working on new inventions. They are looking for various ways to bring new ideas to life. But frequently these ideas fail to reach the ideation stage. Thus, creating a need for an efficient system where these institutes can democratize innovation by reducing the barriers between research and IP. The system should be successful in assisting these institutes to:
- Evaluate ideas quickly
- Perform ideation and iteration
- Leverage various datasets/ visualizations during the innovation process
In a recent interview with Business Standard, Prof. Kamakoti Veezhinathan, the new Director of IIT Madras quoted:
“We have an AI-based tool from a Chandigarh-based company Xlpat (now, XLSCOUT). That too is a very interesting tool, if you enter a keyword, it will tell what all the patents that are close to this are and what is the total market value. Then we get into idea design and prototype before being taken care off by incubator.”
IIT Madras has been successfully utilizing XLSCOUT and its integrated innovation strategy. With the integration of XLSCOUT’s Novelty Checker with the institute’s library, they are now able to validate their ideas early to make better, more viable, and in-demand inventions.