Executive Summary of Patent 7747469

Lee M. Hinman the inventor and  owner of the utility patent and patent based software is seeking Angel Venture Capital to launch the market place.

Short version 536 words

PROBLEM

Online marketplaces offer business and consumers a place to buy almost anything. Today’s savvy market now wants to do the same thing with everything they buy, including specialized services or customized products. They want to be able to log on, inquire about a service or product, customize it to their specific requirements, and then see multiple quotes instantly from different providers all competing for their business. Most websites are limited and fall short of meeting this new business and consumer demand.

  • Most existing marketplaces only allow price comparison of stock items, while those few offering customized inquiries are forced to collect the information and manually process the quote before responding
  • The few marketplaces that allow for customized inquiries are written using unique code specialized for that specific industry.
  • Existing e-Commerce systems do not provide for more complex math calculations needed to calculate pricing for configurable products and services.

SOLUTION

A full feature marketplace matching buyers to sellers that can offer configurable products and/or services with multiple instant quotes did not exist, until the development of MYeMarketplaces.com. Utilizing this revolutionary patented marketplace/e-commerce (774769) software engine, allows a customer to go to one place to inquire on any configurable products or services and receive instant price quotes from multiple companies.

  • MYeMarketplaces.com   configurator technology allows for questions, rules and complex math formulas defined in a schema, which moves past the barrier of just offering variant products. This patented engine allows exposure to virtually all industries, without expensive customized programming. It also provides inter-relationship checking to ensure accurate customization.
  • MYeMarketplaces.com   allows prospects to see sellers, within a specific geographic area, to get multiple quotes instantly, WITHOUT human intervention on the seller’s part, quickly making this the one stop marketplace to shop for everything possible.  This reduces the sellers overhead cost.
  • MYeMarketplaces.com  will be the place where marketing and sales merge together to become, the largest automatize marketing and sales center,  where every industry’s top names will be located because it allow buyers to inquire, receive quotes and then with one push of a button anytime day or night order the best value in price, value and quality.

RISKS

Risk is low with competition to copy the concept as it is patented.  The framework of the system has been developed and is ready to be launched into the first comprehensive one stop shopping platform for all industries. The marketing campaign will take time for adoption in various industries but as history has proven before, business and consumer demands companies to migrate and adapt to this new technology.

RECOMMENDATIONS

Venture Capital of $750,000 is needed to launch a marketing campaign and continue software development to offer further enhancements. Once the market place has successfully established a working customer base with sellers and buyers using the portal in many industries, the goal would be to sell the patent at a ROI of 4 or more ASAP.  In the year 2007 to 2011 Wikipedia listed 16 other price comparison sites that sold or licensed from $30MM to $486MM.

Long version 940 words

This is the next Expedia expanding beyond travel as the engine allows different schemas for thousands of Products/Services industries selling with option questions. I have patent # 7747469 operational B2B & B2C software engine (eCommerce & price compare market Place).  Gartner world’s leading information technology research sees “significant growth in Configure Price Quote (CPQ), projecting a market of $300M in 2012, up from $240M in 2011.”   This Patent will bring a paradigm shift to the CPQ market by adding Market Place that will match buyers to sellers that was only available in the past to stock off the shelf items.
 
In year 5 or less it could sell for more than the $30M to $486M listed below in D. with a ROI of 5 to 126.


 A.      This patented method is a paradigm shift, for many other industries, to do what Expedia® has done for the travel industry.  Amazon does not compete against Expedia® and the other travel market places.  The reason is that the travel market places need answers to option questions like "where" and "when" before prices can be displayed.  The travel market places are a large enough market that a specific one of a kind program can be programmed for travel.  If a company wants to sell Product/Services with option questions, no market places with side by side price comparisons exist.  Only custom e-commerce sites allow for option questions with built in computations on the various option answers.  Some e-commerce sites allow for assigning a final price to one option question.

 This patented software allows those option questions to be defined to the software engine so many industries can be served with Products/Services option questions in side by side price comparisons and e-commerce without custom code writing.

 B.      The patent automates the quoting/price process when option questions have to be answered.

a.      High usage prospects have been interviewed with $5 million in sales that had six (6) people doing manual quotes.  The staff could be reduced to a half time person, by spending $9,000/yr to save $90,000/yr.

b.      Smaller usage companies could spend $3000/yr, or 2-10% of sales with a significant reduction in overhead and a significant increase in sales.

 C.      This patent is applicable to the emerging Building Information Model-(BIM) 5D (cost) construction market boom.  It can do real time multiple side by side price comparison quotes integrated with other automated generating Bill of Material products, with the ability to place the order, if ready.

D.     A trend is growing with price comparison web sites.  In the years 2007 to 2011 Wikipedia  listed (I have the details upon request) 16 other price comparison sites that have sold or licensed, from $30M to $486M, or cross licensed. All of these price comparison market place sites still ignore the void that this patented software accomplishes.  Wikipedia indicates that as of 2013, the market for more data-driven price comparison sites was growing, as several venture capital firms made large investments in price comparison sites with big-data oriented platforms. (http://en.wikipedia.org/wiki/Comparison_shopping_website)

 E.      Software has been developed around the patent that consists of 137,432 lines of code (LOC).  Industry stats indicate that is 17 people, 24.8 months or 67,456 hours extended to a value of $3,035,520 without considering the patents value that patent brokers have indicated are ranging from $200,000 to $500,000.

F.       The Patented and Copyright software is ahead of other market places that DON’T do real time side by side price comparisons of Product or Services or combinations of both that have Option Questions that need answers before a price can be quoted.  The subscribers to our marketplace place WWW.MYeMarketPlaces.com are able to display to the prospect a quoted price WITHOUT human intervention but with significant overhead labor savings.

 G.     The stand alone e-commerce sites are integrated to the marketplace for the subscribers that allows the administrator to do complex price computation without programming knowledge (with the built in calculator).  Most other e-commerce packages only allow final price from a single option question and cannot interface to a real time marketplace.

H.     The Patent is the answer for the next phase of interactive and automated websites, by providing side by side price comparison with the automated machine to machine process using web services. That is what is missing in the other Market Places listed above.  Amazon is the BIG Market Place today limited to stock items but many external sellers hate when Amazons monitors the hot sellers and then Amazon starts selling in direct competition against them.

I.        This patent 7747469 eMarket Place/e-Commerce engine allows price comparisons with price quotations along with the ability to book the order.  The patented program has interface ability with unlimited XML Schema Definitions (XSD) for Buying or Selling of Products or Services that have option selections that need answers before a quote/price can be given.  The XSD/XLST provides the questions, rules and math interface to compute prices.  The engine uses web services to send the Request For Quote-RFQ’s to subscribing e-commerce sites (typically Software as a Service-SaaS) that are processed in real time without human intervention.  It then sends the price quote back on a single page side by side comparison via web services to the prospect in seconds.  The other marketplaces with limited option questions use e-mail to return the price quote.

J.        Many e-commerce examples can be viewed on the Demo-eCom TAB after you register.

K.      Marketplace examples  can be viewed on the Demo-eCom TAB after you register. The Specifications tab has a flow chart.

 L.       US Utility Patent 7747469 can be viewed at http://www.google.com/patents/US7747469.

This is an excellent virtual business opportunity and the owner is willing to discuss technology issues and terms.

 

Register to see more info in DOC TAB.

More details are available upon request.  

Call 850-588-1724 today!!