LOT Network releases detailed report on its breadth of protections across software, automotive, electronics and other high-tech industries
PHOENIX (OCTOBER 28, 2020) – LOT Network Inc., the leading international community of high-tech companies protecting against costly litigation brought by patent assertion entities (PAEs, also known as “patent trolls”), today announced it has nearly doubled its membership over the last year with more than 400 members joining in 2020 alone. Innovative companies who’ve joined this year include: IBM, Xiaomi, Olympus, China UnionPay, BlackRock, AccuWeather, Shutterfly, AirBNB, S&P Global, Continental, Coca-Cola, Royal Bank of Canada, Delta Airlines, Bumble, Citizen Watch Company, Bank of NY Mellon, Transamerica, Best Buy, Cathay Bank, Geely and DJI, among others — bringing LOT Network’s community to more than 1,000 members.
Since its founding in 2014, LOT Network membership has grown exponentially year over year at a compounded annual average growth rate (CAGR) of more than 100%. Its roster includes global leaders across verticals including automotive, aviation, finance, entertainment, software, retail, manufacturing, as well as leaders in emerging industries like blockchain. LOT Network now has 13 of the largest holders of AI patents, 11 of the world’s largest holders of blockchain patents, and all 7 of the world’s largest automotive OEMs among its membership. The community also offers protection from more than 2.7 million patent assets from 36 countries.
“As a company that has innovation as a core value, we know that preventative measures are far more efficient than reactive ones,” said Emily Lough, Associate General Counsel, Intellectual Property, Tesla Corporation. “Our membership in LOT Network continues to be a valuable protection against costly, unwanted PAE litigation — saving us potentially millions of dollars that we can apply to research, development and talent instead of legal fees.”
“The technology landscape is evolving at breakneck speed,” said Jennifer Yokoyama, Vice President and Deputy General Counsel, of Microsoft Corporation. “As members, we’re glad to see that LOT Network is keeping pace by increasing our protections daily with its explosive growth. The more members we have, the greater the protections we enjoy — all while retaining the traditional uses of our patents.”
LOT Network also released today a detailed report, LOT Network Report 2020: Why the largest portfolio in the world reduces risk from Patent Assertion Entities, in collaboration with Cipher and Richardson Oliver. The report shares an analysis of the 2.7 million patent assets and counting within the network, diving deeply into the scale of protections afforded against PAEs across a broad range of sectors including automotive, financial services, technology, semiconductors, AI and blockchain.
It is estimated that PAEs are associated with more than $80 billion a year in lost wealth for defendants and with the average cost of litigating against a PAE around $3.2 million, with over half of companies sued having less than $10 million in annual revenue. LOT Network is a non-profit organization whose membership costs are tiered based on member revenue. Companies with less than $25 million in annual revenue can now be part of LOT Network free of charge.
All LOT Network members agree if, and only if, any member’s patent assets fall into the hands of a PAE, the company provides a license to all other network members, thereby immunizing them against PAE litigation from those assets. Members retain all other traditional uses of patents – including selling them, or using them to sue other companies.
About LOT Network:
LOT Network is an international community of the world’s leading high-tech companies committed to protecting its members from costly patent troll litigation. LOT Network currently protects more than 1,000 members in 36 countries from litigation from over 2.7 million worldwide patents and counting. Members include market leaders such as IBM, Toyota, Visa, Canon, Google, Tesla, Cisco, Amazon, Microsoft, Alibaba and Salesforce, as well as innovative companies across industries. Visit www.lotnet.com to learn more or download LOT Network’s agreement.