LoMaRe Technologies Ltd. is a UK-based innovative company specializing in several applications of thin-film technology.
Their mission is to deliver the commercialization of a new random access memory technology. Besides, they have a growing portfolio of other innovations under development, such as magnetic sensors and near-infrared photodetection.
The challenge
In the early stages of their company, LoMaRe's IP lawyers recommended an agency to the company to handle their patent maintenance, so it was their natural first choice for annual patent renewals. As this agency charged significantly higher service fees compared to other service providers, they decided to switch to an IP renewal provider.
Although with this new setup they managed to reduce costs, it still failed to offer the clarity and transparency that LoMaRe needed. They realized on time that their previous providers weren’t sustainable for their company in the long run due to:
- The still unsatisfactory level of service fees
- The lack of an agile patent renewal-flow
- There was no clarity or transparency about the total patent renewal's cost since their invoice only contained two cost categories
LoMaRe decided to seek a more competitive service fee where they would have a comprehensive and detailed information flow with complete automation and transparency on the fee.
Why PatentRenewal.com
One of PatentRenewal.com’s associates has personally reached out to LoMaRe and offered a price comparison opportunity to them. Shortly, they received a detailed renewal cost category breakdown and a clear understanding of the potential savings that could be achieved by switching to our solution.
The transparency of our service, combined with the over 30% savings, was compelling enough for LoMaRe to make the switch, but they made the choice also considering:
- The clear way of communicating the fees with the detailed fee breakdowns on each invoice
- The easy-to-use IP management software that keeps everything in one place
- The helpful customer service team that is ready to help anytime
“On top of that, the service fees you offer are very, very competitive, quite lower than the one that I already had, so it was a no-brainer for me to swap to PatentRenewal.com, and I’ve been enjoying the service so far.”
A transparent solution
The IP management platform's detailed insight into renewal costs and deadlines enabled them to make informed decisions, streamlining the overall process.
“You're saving me time, and time is money, so I can concentrate on doing more for my company.”
This efficiency allowed LoMaRe to focus on what they do best: innovating and expanding their patent portfolio. The PatentRenewal.com platform provided lots of improvement points compared to their previous method, including:
1. Transparency:
Our platform helps to plan the budget in advance and to avoid hidden fees.
“With PatentRenewal.com, I get visibility on all of those fees. It helped me to plan better, and I'm able to understand where and what we are paying for, which is the point of transparency.“
2. Custom solutions:
The software allows them to arrange their portfolio into personalized groups and to reference them with custom referencing.
3. Time and cost efficiency:
They can spare time and money by automating much of the renewal process and letting the platform take care of administrative burdens.
“This freedom that is provided by the platform helps me think ahead and know how many more patents we are likely to have. I find value in that simplification.”
4. Complete trust:
Their previous provider could not manage one of their IP cases properly, but now they are 100% confident that everything will be handled correctly.
“The most I like about PatentRenewal.com is the simplicity of managing your IP renewals. There are no question marks; it is just straightforward. You log in, you see what it is, you log out, and you feel confident that it's being handled with expertise. That really is the value that you're paying the service charge for; it’s the confidence that it will be done.“
If you are interested in discovering how your company could achieve similar results as LoMaRe has done with our automated and cost efficient renewal process, start by requesting a price comparison or booking a meeting with one of our experts.
