VeruTEK Technologies Inc., a small chemistry company in Bloomfield, Conn., partnered with the U.S. Environmental Protection Agency in developing a catalyst that is able to remove contamination from a toxic site without leaving behind additional chemicals during the clean-up. It is the first patented catalyst for VeruTEK, which was founded in 2006 and received the patent in June. VeruTEK says the catalyst will have a big impact on the $19 billion remediation industry, the market for the clean-up of contaminated sites. Jonathan Harris, Partner at Axinn, spoke with the Hartford Business Journal about how a patent can bolster a small firm, saying, “A patent can mean the world to a small company like this. That product can corner the marketplace, and it can prevent competitive entry into the market.” Harris noted it is important to carefully craft a patent to ensure it will block competition. He also told the Hartford Business Journal that there are a number of government agencies that work with universities – and sometimes companies—to develop patents and various government agencies are looking for ways to improve technology.
The article, titled “Green patent a game changer for local firm,” was published by the Hartford Business Journal on July 4, 2011.