Then, if the invention is accepted for crowd-sourced development, the inventor must assign all intellectual property associated with the invention to Quirky.
The company is a subsidiary of Intellectual Ventures, an invention firm run by Microsoft's former chief technology officer Nathan Myhrvold.
In a parallel universe our market is the mainstream, writers are celebrities, dinner conversations never include references to The Jersey Shore or the Dow, and the whole world is again an enchanting place of discovery, invention and intellectual evolution.
Intellectual Ventures believes that funding invention is the future for using technology to affect change on a global level around the world.
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Indeed, the Industrial Revolution itself (since 1750) entails the near-incessant introduction of new machines, factories, technologies, energies and transportation-communication systems all of which saved physical labor and made skilled labor more productive (thus better paid), and coincided with massive growth in all kinds of jobs, including in services, intellectual fields and in the invention, design and creation of new technologies.
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For anyone with an invention to sell, patent and intellectual property protection is their first priority.
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Intellectual Ventures is building an active market for invention that allows buyers, sellers and inventors to realize value for their ideas.
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But former colleagues of Myhrvold and patent experts watching moves at Intellectual Ventures say the firm is less an invention company than a protection company.
"Intellectual Ventures offers an efficient way to access the invention rights companies need to stay competitive within the market, " said Mario Obeidat, head of telecommunications licensing at Intellectual Ventures.
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"Through this acquisition, IV was able to acquire a portfolio that is both strategic and relevant in a variety of technology areas, " said Loria Yeadon, executive vice president of the Invention Investment Fund (IIF) at Intellectual Ventures.
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Founded in 2000, Intellectual Ventures (IV) is the global leader in the business of invention.
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Invention Capital Partners was retained by Magnolia Broadband to perform an analysis of Magnolia's intellectual property assets and potential market opportunities, and thereafter to engage potential buyers and support the structuring, negotiation and efficient closing of the transaction.
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