Welcome to another insightful episode of the Compassionate Capitalist Show with host, Karen Rands. Today, we’re privileged to have patent attorney and CEO of Blue Iron, Russ Krajec, on the show. Russ will debunk myths and misconceptions about patents. Expect to dive deep into the importance of aligning patents with your business roadmap, with emphasis on the value of data-driven patents vs. prophetic patents. Through interesting examples, Karen and Russ will show how to avoid others’ mistakes and when patent management is done right, how companies can monetize patents for growth capital, preserving equity value for their share holders. Finally, you won’t want to miss Russ’s enlightening journey into patent law and angel investing. So, tune in for an episode that promises to be filled with actionable insights on the nuances of patent writing, and much more!
5 Insights You Will Gain:
1. Misconceptions and Myths of Patents
– Understanding the role of a patent attorney and their liability concerns
– The misconceptions of revealing too much information in patent description versus the actual claims
2. Explaining the Patent Process
– Understanding data-driven patents vs prophetic patents
– Role of proper market analysis and customer engagement to establish patent relevance and commercialization
– Importance of clarity in the description and writing understandable claims to help in the patent approval process
3. Valuation and Monetizing of Patents
– Importance of mapping patents to business roadmap
– Monetizing patents as a startup financing tool
– Concept of IP-backed loans for companies
– Determining true patent value versus overestimated value
– Use of loans based on real patent valuation
4. Lessons for Startups and Entrepreneurs
– Importance of startups owning all rights to their software and product designs
– Challenges startups face in getting quality legal services
– Explanation of the “patent picket fence” strategy
– Importance of selective patent pursuit due to limited financial resources
5. Highlighting The Importance of Effective Patenting
– Importance of patenting specific product features that make it unique
– Example of iPhone’s slide to unlock patent
– Discouraging the use of provisional patent applications
– Understanding the lifespan limit of a patent and strategies to extend patent life
For the basics of types of patents that Karen referenced in the intro:
ARTICLE: https://www.legalzoom.com/articles/what-are-the-different-types-of-patents
Get in touch with Russ, registered patent attorney, CEO of Blue Iron IP Web: BlueIronIP.com
Author of “Investing In Patents” and an active angel investor.
Russ offered listeners a copy of his book for free!
Send him an email with your address to russ.krajec AT blueironip.com
Connect on LinkedIn https://www.linkedin.com/in/krajec/
Host of the Patent Myths Podcast
TimeStamp:
00:02 In this episode, the host discusses patents with patent attorney Russ Krajek. They dispel myths and share enlightening information about investing in patents.
04:52 Russ started as a patent attorney, experience with angel investing, and how he got into IP backed loans for companies with revenue.
07:34 Understanding the business is crucial. Validating the solution before wasting money on patents. Critical to know what is novel and has customer appeal
19:04 Choosing a provisional patent application suggests low expectations to the investor.
21:29 When hiring a patent attorney, it’s the[…]
