While the volume of patenting in Illinois varied greatly, the relative quality of patents issued in 2013 to Illinois companies and institutions was highly consistent.
Chicago, IL (PRWEB) April 03, 2014
Ocean Tomo, LLC, the intellectual capital merchant banc™ firm, announced today the publishing of the 2014 Eureka Index, exclusively in the March 30th – April 5th issue of Crain’s Chicago Business, recognizing patent quality among Illinois companies. Ocean Tomo also released a further study of the leading technology classes among the top 20 ranked companies in Illinois.
The Eureka index, which ranks companies and institutions in the state of Illinois with three of more issued patents in 2013, was performed using the Ocean Tomo Ratings™ system. The system gives each issued patent an OTR™ score, which is an objective and statistically valid assessment of the quality of individual patents, and collectively patent portfolios.
As reported by John Pletz in “Crain’s Eureka Index Ranks Chicago’s Most Innovative Companies”, Midtronics, Inc is this year’s top company with an average OTR score of 178. Cummins-Allison (2) and Gogo (3) join Midtronics (1) as the top three Illinois companies for patent quality, topping the Eureka Index. Each has an average OTR™ Score of 158 or higher, placing their patents among the top 5% of all US rated patents. Powermag(4), Riddell (5) and Lifeline Scientific (6) each have an average OTR score of 141 or higher, placing their patents among the top 10% of all rated US patents. Rounding out the top ten companies for patent quality in Illinois are: HydroGear (7), Trading Technologies (8), Chicago Tag & Label (9) and Redbox Automated Retail (10).
Ocean Tomo also released an expanded study that identifies the average OTR score and number of patents within the top three United States Patent Classes for each of the top 20 companies. The number two company, Cummins-Allison Corporation has 23 patents in USPC 382 (Image Analysis) with an average OTR score of 188.4 making USPC 382 the highest rated class among the Eureka Index companies. Visit OceanTomo.com/Top20IllinoisCompaniesAndTechnology to view the top three technology classes for each of the Top 20 Companies in Illinois.
The Patent Quality Study conducted for Crains highlights the level and focus of innovation happening in Illinois. New Ocean Tomo Managing Director Dr. Darius Sankey commented on the index, “If you look at the innovation on this list, we've got the latest in new technology, and it's all happening here in the Midwest.”
Dr. Sankey leads Ocean Tomo’s Innovation Management business unit which includes Venture Development practice, providing operating company clients an outsourced venture capital service platform to accelerate innovation while managing risk. “We've got an impressive mix. It's not as concentrated in one or two industries like Silicon Valley or Boston. But that's Chicago's strength—it's so diversified,” said Dr. Sankey.
To view the ranking of all 110 companies by city, visit, OceanTomo.com/IllinoisPatentQualityRanking.
About Ocean Tomo, LLC
Established in 2003, Ocean Tomo, LLC, is the Intellectual Capital Merchant Banc™ firm providing an industry leading array of financial products and services related to intangible assets. Ocean Tomo offerings include expert testimony, valuation, strategy, research, ratings, investments, innovation management and transactions. Ocean Tomo assists clients – corporations, law firms, governments and institutional investors – in realizing Intellectual Capital Equity® value broadly defined.
Headquartered in Chicago, Ocean Tomo has offices in Greenwich, Houston and San Francisco. Subsidiaries of Ocean Tomo include: Ocean Tomo Risk Management, LLC; Ocean Tomo Asset Management, LLC; OTI Data Networks, LLC; Patent Marking, LLC; and Ocean Tomo Capital, LLC – publisher of the Ocean Tomo 300® Patent Index family. Ocean Tomo is the founder of the Intellectual Property Exchange International (IPXI), Inc. creator of the live public open cry auction marketplace for intellectual property as well as the exclusive source for Ocean Tomo Ratings™.
About Ocean Tomo Ratings™ System
The Ocean Tomo Ratings™ system is the most advanced web-based patent data, rating and analysis platform designed for objectively assessing patent quality, relevant patents and technologies, competition, and competitive trends. The market validated system is used by major global corporations among the top 100 IP holders. From individual patents and patent portfolios, to technology sectors and companies, the Ocean Tomo Ratings system provides unparalleled strategic insight and analysis.
Built upon patented methodologies (U.S. Patent No. 6,556,992 and 7,716,226) derived from assessing the entire universe of U.S. issued patents, with over 50 discrete patent attributes validated by market participants, the Ocean Tomo Ratings system shows interrelationships among all U.S. patents with a numerical relevance score.