In 2007 Lourence Greyvenstein set Patentdata's objective as a company wanting to play an international role in promoting innovation and business growth.

Wayne de Nobrega joined Lourence to add his skills in software development and management to the team. Lourence gained experience in inventing a new product in 1986, going through the process of patenting his invention (US Patent No. 5 246 110) and successfully licensing his invention to several companies in the USA, Canada, Europe and Australia. The product is a plastic bag with a wave-like opening and is licensed, amongst others, to Glad Products, USA who markets it as Glad Quick-Tie bags. At that time Lourence was Vice-President of one of South Africa's largest industrial banks, heading up the Loans division.

Patentdata specializes in providing value-add information on patent applications filed daily that cover new ideas by innovators from around the world. The information is made freely available by businesses to their website visitors via two email publications, New Ideas Weekly and New Ideas Daily that enable subscribers to identify new ideas that can help them start or grow their business. A unique feature is that subscribers send email alerts to their 'sponsor' when they spot new ideas they believe can grow their sponsor's business. Businesses also obtain an effective platform to advertise their products and services.

Key to the growth of every business is innovation. And patents are one of the most comprehensive and lucrative sources of innovative new ideas. Patentdata's service enables individuals from all walks of life help promote business growth around the world.

They become part of an online community that shares knowledge and experience to help assess the market potential of new ideas featured in New Ideas Daily to help promote business growth, resulting in job creation and many other socio-economic benefits within communities.