Intellectual Ventures spinoff Xinova lays off staff as invention network association aims for profitability

Xinova CEO and owner Edward Jung.

Seattle-based “invention network” association Xinova cut staff today, GeekWire has learned. A association orator declined to yield sum about how many employees were let go.

Xinova spun out of Seattle-based Intellectual Ventures in 2016 and operates a network of some-more than 12,000 inventors opposite 118 countries, assisting compare their ideas with business such as PepsiCo, Honda, Funai, and others that need associated solutions. The association employed some-more than 100 people globally opposite 10 offices worldwide as of this past February; there are 113 employees on LinkedIn.

Here’s a matter from Xinova owner and CEO Edward Jung:

“Very regrettably Xinova had to lay-off many of a friends today. Over a past few months, a association has refocused a efforts on creation services for a stream business and a flourishing tube of new business while we expostulate for profitability. As we gained clarity about what those new business need, we done a really formidable preference to re-align a staff to fit that business – joining a business with a intelligent and devoted network of innovators who broach new and commercializable products.

We severely value a contributions and friendships of everybody on a group that over currently and away we are doing all we can to assistance them find their subsequent opportunity.”

Jung, hailed as “one of a many inclusive inventors in a world” on Xinova’s website, helped launch obvious holding organisation Intellectual Ventures in 2000 with former Microsoft record arch Nathan Myhrvold. Jung also spent several years during Microsoft during a tech giant’s early days.

In 2007, Jung began streamer adult Intellectual Ventures’ “Invention Development Fund,” that was spun out in 2016 as Xinova. Other spinouts from Intellectual Ventures embody TerraPower, Kymeta and Echodyne.

Xinova spun out a possess standalone association called Allied Inventors in 2017 to assistance conduct egghead skill assets. Tom Kang, who formerly led Xinova, is CEO of Allied Inventors.

Earlier this year Xinova launched a new corner try called Arcnet, an online collateral marketplace that lets investors account creation projects on one height opposite borders.

Xinova this month touted a inclusion on Fast Company’s Best Workplaces for Innovators list.

Jorma Ollila, former authority of Royal Dutch Shell and former authority and CEO of Nokia, is Xinova’s executive chairman. Paul Levins, Xinova co-founder and former arch plan officer, left full-time practice with association progressing this year.

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