For artificial intelligence (AI) companies looking to turn profit, finding a niche and then protecting a customized product can be a complex ordeal given the uncertainty of the technology’s legal future.
Yet sectors worldwide are abuzz with ambitions to quickly and effectively employ AI to scale back on costs, capture useful information and eliminate inefficiencies.
According to the International Data Corporation (IDC), the AI market is expected to hit $35.8 billion this year, which represents an increase of 44 per cent since 2018. In addition, IDC has projected global spending on AI to reach $79.2 billion by 2022.
On Thursday, February 27, Roch Ripley, partner at Gowling WLG, and a panel of experts gathered to take part in an informative discussion on AI held by Business in Vancouver at the KPMG Ignition centre.
Gowling WLG is an international, sector-focused law firm with more than 1,400 legal professionals around the world and an international technology practice.
At the event, Ripley, lawyer, patent agent and head of Gowling WLG Vancouver’s Intellectual Property group, discussed the legal ramifications of AI, what those ramifications mean to intellectual property and things for businesses to consider when protecting their investment in commercializing AI.
“In Vancouver, you might not see a lot of high level AI companies but, if you look a little deeper, many companies across all sectors are actually AI companies,” Ripley said at the event. “I have also seen [AI] applied in a ton of different sectors.”
According to Ripley, the ways in which AI can be applied are still evolving, and many different AI companies are still trying to discern how they will be able to add the most value to various global sectors. Yet, that hasn’t stopped the AI market from exploding, with companies here in B.C. and all over the world looking to create, package and sell AI products wherever there might be a need.
“I get approached by AI companies all the time selling me legal AI products,” said Ripley. “I think they are pretty useful for sifting through and making sense of large amounts of data [from a legal perspective].”
With so many companies looking to create AI products that appeal to specific needs, it will be important for those companies to stand out and develop innovative solutions to universal problems.
Moreover, for AI companies looking to find buyers for its unique software but also looking to retain the integrity, formula and sophistication of its products, releasing said products into the world without a strong blueprint for success can be risky.
“High level strategy is to protect the time and money invested in your AI technology that will further protect your competitive advantage,” said Ripley. “You can protect the actual program implementation of your AI network with copyright. There is also the fact that you have to keep certain aspects secret.”
When it comes to advice, Ripley notes that in the many cases he has seen, securing a patent has been the most popular method of protecting intellectual property.
“Patent filings in the AI space are increasing exponentially,” said Ripley. “The more customization and development you do to tailor your AI for that particular application, the stronger the patenting case is.”
Steps can be taken now to protect your company’s future. “Having skilled counsel is key in order to prepare and execute a plan to protect [AI] technology, which helps secure financing and a competitive edge in the marketplace,” said Ripley. “In terms of expertise and value, we have top tier intellectual property expertise across Canada and internationally.”
The race to find AI solutions is only just beginning and, as the world fills with more and more companies looking to provide services, securing your investment is paramount to sustaining a prosperous future.
