The advance of technology in the legal world is no longer news. More and more law firms and legal departments are leveraging intelligent assistance to fulfill requirements to achieve more with less.
In less than 6 years, TrademarkNow has emerged as the market leader in applying machine learning and artificial intelligence to the practice of intellectual property law - specifically, trademarks! This is due in no small part to the expertise in trademark practice amongst the founders.
Former Trademark Attorney and CEO of TrademarkNow, Mikael Kolehmainen, sheds some light on his formula for success:
In 2017, your goals were to introduce more features to the platform, improve coverage, close the round of fundraising and grow the company. Did you meet those goals?
We did. :) We closed a round of fundraising in the Summer of 2017 and with that were able to improve coverage and add features as well as hire a number of new talent to the company. The success of these developments can be seen alone from Unilever becoming a customer already in the Fall of 2017.
In a world where 90% of young companies fail, what do you think are the key differentiators in TrademarkNow’s success?
I’m not certain there is any one formula but there are some factors that have helped us grow:
A lot of trademark work is routine and repetitive so the development of technology in this space is not just disrupting the industry. It’s transforming the ‘day in, day out’ process and lawyers are responding to that.
Our investors have provided tremendous validation of the technology we are creating and recognition of the opportunity we have to fill a hugely outmoded market. Their expertise in guiding our growth has been invaluable.
You cannot grow your company on your own. TrademarkNow is really a group of rockstars who believe passionately in what we are doing. We are very lucky with our in-house talent and look forward to expanding even more this coming year.
With a rapidly growing client base, the company is also expanding quickly. What key attributes are you looking for in potential new employees?
We are looking for people who are adaptable and open to new ideas. They will feel empowered by change, even in terms of challenging their own opinions. Effective communication across peers and teams is also critical. Most importantly, they should possess ‘Start-Up DNA’ - the start-up environment is fast-paced and runs on analytics and numbers. Thus, the key people will have great emotional stability, self-control and be positively focused on solutions rather than problems.
What’s coming for TrademarkNow in the next year?
In addition to adding more databases (coverage), we are also improving data quality, introducing bundles to fit different client budgets and needs along with a host of new features. Of course we will also continue hiring a lot of new talent to keep us growing and improving as a business.
If you have not yet seen the vastly increased range of registries included in NameCheck, experienced the new UI or seen any of the new features in action, check out the video or book a demo!