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GlobeChat, Inc. has made certain assumptions about the chat marketplace in order to create financial projections for the business. There is risk associated with the accuracy of these projections due to continuous changes in technology, new feature introductions by competitors, changes in user preferences and shifts in user demographics. In order to mitigate this risk, GlobeChat has taken great care to ensure the reliability and source quality of key assumptions used in the business plan. GlobeChat, Inc. diligently researches publicly-available information and initiatives of competitors. changes in the marketplace and changes in user preferences. We pride ourselves on being innovative and ahead of the curve whenever possible.
GlobeChat, Inc., has created an innovative and unique user experience combining the best elements of our competitors. Our Intellectual Property and primary technological differentiator in the marketplace titled "The System and Method for Multi-Lingual Networking and Communication" is currently in patent pending status. This innovative patent when and if approved could potentially put us in a position of strength within the marketplace, however as the patent is still in "pending" status, our best bet to protect ourselves is to simply grow the business. We intend to wisely utilize funding to achieve the objective of scaling the company as success and sustained growth is the best deterrent to competition.
The technology sector, in which GlobeChat, Inc. operates, is a highly competitive market, where competition risks are significant. To succeed, we must be able to respond quickly to changes in consumer and market preferences. For example, we are now repurposing and rebranding our existing live video to adjust to an increased consumer emphasis on one to many video content. GlobeChat, Inc will continue to work diligently in anticipating market shifts and respond accordingly to actions by competitors.
The United States Patent and Trademark Office Patent Pending for The "System and Method for Multi-Lingual Networking and Communication" was submitted by and in the name of Kevin Strom, the Founder of GlobeChat. Although this pending patent will be used entirely towards the success of GlobeChat, it should be noted that the patent is not specifically assigned to the company.