Patent Insurance is Real: JD and Carmine discuss how patent insurance is changing the way we invent

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Podcast Notes

1YouTube generated podcast notes, please excuse any typos.
that bold IP comm hi everyone and
0:12
welcome to the inventor's launchpad
0:13
network
0:14
I am carmine danesco and with me I have
0:18
my co-host mr. JD nur for the gold big
0:21
go bold
0:22
IP show I am super stoked to start up
0:25
another season hey JD over there hey
0:27
carmine yeah I'm excited too this is
0:29
great are things going over there for
0:31
you it's going good man you know I think
0:33
everyone is just starting to read back
0:35
up from the summer you know it's always
0:36
you can always think of a reason it's
0:38
busy slow whatever but you know summer I
0:40
think everyone likes to slow down a
0:41
little bit and do things so we're just
0:44
starting to rev back up and it's uh it's
0:46
getting get a little crazy on our end
0:47
yeah same I mean it's you know the kids
0:50
are getting ready to go back to school
0:51
you know you got mom and dad can I came
0:53
back to work and think about hey okay
0:55
family projects we had a great summer
0:57
but now I want to get to what what am i
0:59
working on what are some more some
1:00
things I like to work on maybe outside
1:02
of work and some special projects and so
1:04
we've worked with a lot of solo
1:05
inventors that are doing just that and
1:08
it's really fun to see you know anything
1:10
consumer products electrical devices you
1:12
know things that are spin-offs they've
1:14
been thinking about for a while but have
1:16
another time and while they're starting
1:18
to finally get the time to do that no
1:19
yeah yeah like you said especially with
1:22
the kids and stuff you know even if you
1:24
think you have the time you still be
1:25
working on something and a kid to run
1:27
around even though you like that they're
1:28
home when I complain about it but you
1:29
just never get that time that you need
1:32
to spend to get something going and so
1:35
so you are kind of glad when when you
1:36
get that time to yourself or you know if
1:38
you're in the office or whatever it is
1:39
you know so yeah it's pretty cool man
1:42
it's good I know that our our podcast
1:44
we're just relaunching we you know we
1:45
usually take off the summer and we're
1:47
all gonna be in season 4 you're gonna be
1:49
in season 2 of the go big go bold show
1:52
we're in season 4 the other inventors
1:54
Launchpad show so yeah real cool we've
1:56
been saving up we've been editing the
1:58
shows getting them ready and we'll be
2:00
launching them all within the coming
2:02
days if you listeners you know with just
2:04
about the hit September of 2018 so if we
2:07
start and launch new shows we appreciate
2:09
everyone listening in and giving us the
2:11
feedback over the four seasons that
2:13
we've
2:14
on our show and and obviously with with
2:16
JD and the information that he covers we
2:19
really appreciate of JD spending this
2:22
time with us and give us the information
2:23
that we need
2:25
so yeah JD I just a real quick mention
2:27
through our listeners JD and I were on a
2:32
podcast just a few weeks ago with the
2:35
director of the United States Patent and
2:37
Trademark Office
2:38
Andre yonkou guys awesome he's so cool
2:41
seems like he's down to earth guy right
2:43
I mean this guy's running the whole show
2:45
and we're sitting here talking to him
2:47
like he's just an everyday guy he's
2:48
really nice dude right yeah he's really
2:50
cool I mean I was it was fun my first
2:52
time talking with someone's kind of at
2:54
that level and I thought it would be a
2:56
little bit more rigid I thought would be
2:58
his responses would sound like I don't
3:00
know scripted no no he'd give us real
3:05
stuff and no this guy is in front of
3:06
Congress he's he's lobbying talking to
3:08
the president yeah pretty amazing pretty
3:11
much money
3:12
yeah when JB came on he's like hey hey
3:14
who's this who's this guy coming on and
3:16
JD just started talking to him like
3:17
there's nothing it was really cool it
3:18
was pretty cool show we'll be hearing
3:20
that in our next season coming up we're
3:21
gonna run that quick but that was a lot
3:24
of fun and whilst we were talking about
3:26
that JD we spoke a little bit and I
3:28
don't know if you wanted to cover this
3:30
or not something that has always come up
3:32
to me and I didn't know was available
3:34
you know insurance on patents and and
3:37
different ways to to cover your patent
3:41
or even the cost of it you know there's
3:43
a lot of different insurances out there
3:45
now before that legal services right
3:47
yeah yeah absolutely and I'm happy to
3:50
talk about this this is something that
3:51
comes up a lot
3:53
you know and it's I always look for ways
3:55
to allow my adventures to focus on their
3:59
craft you know focus on what they do and
4:01
that's their invention that's their
4:03
product and making it as good as
4:05
possible getting their business planning
4:07
together I don't want them worrying
4:10
that's really the last thing we want
4:12
we're there to help right as attorneys
4:15
as advocates as counselors and we do
4:18
certainly but there have been you know
4:20
in the past you know times were we kind
4:23
of don't have the best answers and we
4:25
can't always alleviate the worry and can
4:27
CERN you know there's always gonna be
4:29
some right you know you're an
4:30
entrepreneur they're taking some level
4:32
of risks but to know there's specific
4:35
insurance packages out there that can do
4:38
incredible risk mitigation it's
4:42
something that we're just kind of coming
4:44
up to speed on these are relatively new
4:46
insurance packages and there's only a
4:48
few companies out there offering them
4:50
we're connected with one right now it's
4:53
led by a guy named Bob Fletcher and
4:55
that's IP is C comm IP is C and so with
5:02
with their program they've got four
5:04
specific packages and I'm gonna go
5:06
through them with you
5:07
we got time the the first of which is IP
5:12
defense policy okay so what does that
5:15
mean IP defense well this is a scenario
5:18
where this happens every so often where
5:21
we have a client come in we do a consult
5:23
and even if their product is patentable
5:27
whether it's money reasons or timing
5:29
reasons or market they decide not to
5:31
pursue the patent protection and they
5:34
just they've got a supply chain already
5:36
lined up they've got a product ready to
5:37
hit the market they wanted to start
5:39
selling you know and so what options are
5:41
available because they're big risk now
5:44
is hey are you at risk for being sued by
5:48
someone else who has a patent on that
5:50
technology or part of it or at least an
5:53
allegation that you're infringing last
5:56
thing you want to do is spend all this
5:57
money ramping up your business and get
5:58
to market to find out that someone's
6:01
already got rights on this so a couple
6:03
things to do working with us we can
6:06
provide you a infringement opinion on
6:09
hey well what are your risks based on
6:11
what we see as issued patents that are
6:14
out there and we look for all those
6:16
dirty the patent trolls - so you know of
6:20
course we uncover all that issue and try
6:22
to do our best job but of course you
6:25
know those belt-and-suspenders approach
6:26
is you can actually get an insurance
6:28
policy so you know for a couple granting
6:32
here you can have a you know six figure
6:37
policy to where you can actually
6:41
have used that leave those funds to
6:44
litigate and then put away they say
6:47
argue against patent infringement use
6:50
that to pay the attorney use that to
6:52
settle the case it's just it's really
6:55
cool and you know there are some nuances
6:58
in in terms of when you have to get that
7:00
policy wonderful make sure you need to
7:02
provide to get that policy and what are
7:05
the rules there these insurance
7:07
companies hire attorneys like us to do
7:09
some of the groundwork on on whether
7:12
there's what are the light what's the
7:13
likelihood of infringement and so you
7:16
wouldn't have to come out of pocket to
7:17
do that kind of opinion that I just
7:22
mentioned you know to research the
7:24
patent trolls well that's part of the
7:26
work that they would do for you that's a
7:27
really cool opportunity that's called IP
7:29
defense policy Wow hey yeah you know
7:32
it's unbelievable
7:34
to me because that is one of the things
7:36
that people fear because even if they
7:38
find somebody who's infringing on their
7:40
patent their fear they can't stop them
7:43
because of the cost involved I mean this
7:44
is a reason and this policy can actually
7:47
let you go after them or make them at
7:49
least listen to you
7:51
yeah well so this is the defense side
7:54
right so this is you going out and just
7:55
selling a product and even worse case
7:58
you are infringing someone this would
8:00
allow you to hire an attorney
8:02
well apps who defend against that that
8:05
other party that had that may have
8:08
rights against oh if they come after you
8:10
I can yeah okay yeah absolutely
8:13
we're going to talk about the
8:14
enforcement policy next and so the
8:16
second policy is the IP enforcement
8:18
policy okay so this is the other option
8:20
right you're an inventor and you decide
8:23
yeah after talking to a patent attorney
8:25
bulb an attorney if you want they would
8:28
advise you to go down the patent route
8:30
and you say yep let's do it and you get
8:32
your pad granted okay now you're in the
8:36
market you're making your product and
8:39
you see some of it is infringing and
8:42
maybe a big player right Microsoft
8:44
Google Amazon Facebook and without
8:47
really having a huge financial you know
8:50
backup it's really very very challenging
8:53
to successfully litigate
8:55
a big player you know is sort of a giant
8:57
like like that and so what this policy
9:01
can do is you know if you open the
9:02
policy of course before present fringe
9:05
meant you're gonna be able to have like
9:07
I said a six-figure plus bankroll to to
9:11
get this issued to hire an attorney to
9:13
go sue them and do it properly
9:15
and not have to worry about coming out
9:16
of pocket so it's it's really
9:18
interesting it's a great way to sort of
9:20
have that ability to play the big game
9:23
even as a solo or small small business
9:27
that is something that like you said if
9:31
a big company comes after you in most
9:34
cases there's nothing you can do except
9:36
fold up your ten go home I mean what are
9:38
you gonna do it's tough absolutely
9:40
you're you're scrambling looking try to
9:43
find an attorney that can work on
9:44
contingency the cases are few and far
9:46
between that are letter that clear or
9:48
someone would want to do that yeah
9:52
Terrence hey question for you I've
9:55
actually had some inventors that have
9:57
approached me about foreign country you
10:00
know foreign countries obviously they're
10:02
foreign other countries companies in
10:05
other countries infringing on their
10:08
patents and selling in other countries
10:10
not here in the US with this type of
10:12
insurance help with that it may I mean
10:15
so it can I back it up a little bit on
10:17
the international patents and we if you
10:20
want to look look up more we've got a
10:22
lot of good resources on our website at
10:24
bold patents calm but it's the inventor
10:28
of files what's called a patent
10:29
cooperation treaty PCT application and
10:32
what that will do is is of course filed
10:36
in English in the US will give you the
10:38
ability to have protection in many other
10:42
treaty countries and there's over 90
10:45
countries that have signed on to the
10:46
treaty Wow
10:47
and so if as long as you have rights in
10:52
those various countries the protection
10:55
is is likely the same what you've got to
10:59
do is then kind of talk with each
11:01
country's representative and so I would
11:04
I would assume that the insurance
11:06
company is gonna you know need to touch
11:08
base
11:09
with a local council in that country his
11:13
country has their own laws patent laws
11:15
and so that's the tricky part
11:18
and so I'm guessing it would be an
11:19
additional premium if you're gonna want
11:22
it seek protection in various countries
11:24
but depending on the product you have
11:27
maybe the US market is not the best
11:29
market mm-hmm sell your product and and
11:32
maybe it's Great Britain is where this
11:35
product is gonna take off based on your
11:37
marketing and so maybe you want to seek
11:39
a policy in Great Britain mmm as opposed
11:41
to the US so that's sort of a strategic
11:43
marketing discussion to think about but
11:47
for most inventors that we talk with you
11:48
know the US market is king and and and
11:51
that's where you want to just make sure
11:52
you protect yourself first and foremost
11:55
and then if you have success in the US
11:57
then you look beyond getting some
12:00
protection internationally yeah I mean
12:02
to me it's kind of a business expense as
12:04
a part of doing business it's you can't
12:07
look as it is oh my god I have to shell
12:09
out more money for my products as you
12:11
said you're selling your product you
12:13
take a small portion and you put it
12:16
towards insurance it's it's a norm it's
12:18
awesome it's a minute.this when we
12:20
really encourage it and we have to kind
12:21
of be careful right because we're not
12:22
obviously we don't want to come across
12:24
as double dipping or you know the
12:26
unethical but we love it because we want
12:29
our inventors to have a policy so they
12:31
can hire us you know help them is such a
12:34
tough thing when we've seen vendors get
12:35
trumped all over for B&B; in a situation
12:38
where they can't get our help because
12:40
they can't afford it and so this is the
12:42
way for us to be able to fully enact you
12:45
know the full bold team to help support
12:46
them in a litigation matter should that
12:48
come up and so it's gonna help us make
12:50
sure we do our best job to enforce the
12:52
patent that we help them get yeah and
12:55
you can I and they can act right away it
12:57
won't go on for years yeah oh yeah a
12:59
little reduce the damages probably keep
13:02
them out of court because we'll build a
13:04
litigate excuse me settle it outside of
13:06
court and it's a win-win for everybody
13:09
the third policy that's that's an option
13:13
this is really cool as you probably
13:15
talked with inventors Launchpad you have
13:17
a lot of clients that are starting new
13:18
businesses and raising money and when
13:21
you
13:21
raise money as a startup even as a you
13:24
know a medium-sized company you're
13:26
looking to grow when you raise money you
13:28
almost always give up equity right
13:31
that's sort of standard you know VCS
13:33
angel investors they want a big chunk of
13:35
your of your business
13:36
and as the as the owner often times the
13:39
inventor starts out as a CEO owner you
13:42
know chief cook and bottle washer they
13:45
they that's all they have is equity and
13:47
so there's a mechanism through what's
13:50
called collateral protection policy to
13:53
actually allow the inventor the owner of
13:55
the company to keep 100% of the equity
13:58
in the business what they do is even if
14:01
you have a patent file they will analyze
14:03
that application and assess it for value
14:07
they will value the IP and they will
14:10
ensure their valuation so that you can
14:13
take it to the bank and get a loan
14:15
that's a min against the value of your
14:18
asset it's just it's on her that's so
14:21
cool and so we have a couple clients
14:23
that are working through this now I
14:24
guess that's pretty pretty early days in
14:26
this type of a policy but the notion of
14:29
be able to get a loan for your business
14:31
without giving up equity and and being
14:34
able to value put a real dollar sign
14:37
behind your patent asset and get a loan
14:40
against that that's so cool I mean it's
14:42
is that this a dream it really is yeah
14:44
and I mean the good part about it is a
14:46
lot of times people don't even know what
14:47
their business is worth and they don't
14:49
even take into account their ip's that
14:52
happened I mean a lot of people say oh
14:53
my business is worth this but they don't
14:54
realize that they're giving so much away
14:57
through their intellectual property
14:58
right gosh yeah I mean I yeah you're
15:00
right this has IP every bit I don't care
15:04
if you're a laundromat a dry cleaner
15:07
you're selling cosmetics I mean you're
15:10
you've got IP at least in your trademark
15:12
your brand and likely almost in every
15:16
case you've got trade secrets but you
15:18
have a way of doing business processes
15:20
customer lists you probably have some
15:23
maybe some software or some website that
15:25
we've the way you go about negotiating
15:29
talking with your clients that's trade
15:31
secret information that is IP and it's
15:34
valuable that's
15:35
makes up your business the success
15:37
that's why you're profitable hopefully
15:40
right and so that's what should be
15:42
considered if and when you do merge or
15:44
sell your company it's not just your
15:47
cash flow it's not just the books it's
15:51
the it's the goodwill it's what
15:52
customers perceive your company as it's
15:55
just a feeling they get and they get
15:57
those feelings because they're served a
15:58
certain way and so being able to
16:00
identify when you know what information
16:03
is trade secrets what information is
16:06
patentable yeah what information is this
16:09
artwork it should be protected under
16:11
copyright and then lastly to write what
16:14
makes up your brand and how does that
16:15
get articulated in terms of logos and
16:17
word marks under trademark law when it
16:20
really all comes together and I could
16:23
talk for hours I kind of lost what your
16:25
original question was no is it some
16:26
color
16:27
no no what's great about the collateral
16:29
protection policy is that it it kind of
16:32
forces you it's not only gonna get you
16:34
funding but it kind of forces you to
16:36
know what that's worth which is really
16:38
cool you know because a lot of people
16:41
don't know yeah no it is it's awesome
16:43
it's so cool so um so that's a big one
16:45
right getting a loan to get your
16:47
business started so you can go do Rd and
16:50
prove your invention without losing
16:52
equity that's the cloud protection
16:54
policy the fourth one this is called
16:56
unauthorized disclosure policy okay this
17:00
is talking about trade secrets when
17:03
you're starting a company there is
17:06
secret sauce all over the place right
17:08
and you bring in employees and they help
17:11
you create your company there are
17:13
there's a lot of magic happening and
17:15
that information is super special and
17:18
extremely important to driving your
17:20
business forward and creating what that
17:22
startup is all about how you're
17:24
different from your competitors which
17:26
are you know the way and means that
17:27
you're producing it all the methods and
17:29
processes
17:30
that's all trade secret and so the worst
17:33
case scenario is a trusted employee
17:36
takes that and runs and off and do it
17:39
does their own thing right if you've
17:40
been smart and you've got Business
17:42
Council right business legal team they
17:46
have crafted your employment documents
17:47
correctly
17:49
you should have the ability to go after
17:51
them for trade secret misappropriation
17:54
now that's gonna cost you some money
17:56
right as a business owner and I've come
17:59
out of pocket you mean there's just two
18:01
or three employees just a couple years
18:02
into the business that's ugly
18:04
right looking to hire an attorney to go
18:06
after them as a plaintiff it's an uphill
18:08
battle where you gotta we'll find the
18:10
right place to sue them in you've got to
18:13
go get all the right discovery documents
18:15
you've got to prove all this information
18:17
so without a insurance policy right
18:20
you're coming out of pocket come out of
18:21
the bank you're borrowing money you're
18:23
losing equity this policy covers you for
18:26
unauthorized disclosure misappropriation
18:28
of trade secrets this allows you to hire
18:30
an attorney like bolt pads we'd have to
18:32
help you with that trade secret
18:34
misappropriation or some other firm that
18:36
could really do do you justice and get
18:39
that matter solved more efficiently
18:40
effectively and you get what's owed to
18:43
the most to the best of your ability na
18:46
course working with with our firm for
18:48
example we could put measures in place
18:50
to help mitigate that individual from
18:52
even successfully getting the
18:55
information out the door in the first
18:56
place there are certain things you can
18:59
do to properly label write certain
19:01
documents and give access permission or
19:04
you know be able to flag when
19:06
information is being downloaded and it
19:07
shouldn't be or being removed from
19:09
certain cloud storage systems so that's
19:12
all part of what what trade secret
19:14
diligence is about but if it happens at
19:17
least it's - no you had a policy they'll
19:19
hire an attorney to go take take care of
19:21
that yeah well it and I just want to
19:24
back up a little bit you hit on such
19:26
important components and we won't talk
19:28
about those now but entrepreneurs
19:31
inventors even myself yourself everyone
19:33
thinks oh we're too small to have those
19:35
HR documents we're too small to do it
19:38
you have got to have those things in
19:41
place to processes as as JD is talking
19:43
about are so important whether you have
19:45
zero employees and you're gonna hire
19:46
your first employees have the documents
19:48
in place because this I don't want to
19:51
say Fest this misuse of intellectual
19:54
property and things like that when an
19:56
employee leaves it happens a lot right
19:57
JD yeah it does it you know and there's
20:01
a
20:02
it's just a lack of awareness yeah it's
20:04
all times that you're just hey we're
20:06
just starting out you know we just do
20:08
we're just getting it done we're getting
20:10
the product on the market we're just
20:11
that's our next step and as the owner
20:14
you know if you don't take just a little
20:17
bit of time in document and and have the
20:20
right paperwork and contracts in line
20:22
you'll get burned you just will it's a
20:24
matter of time and I hate to do the doom
20:26
and gloom thing but it's it's a reality
20:28
and it's a part of being a business
20:29
owner and making a transition from
20:32
inventor to business owner you know and
20:36
and that may doesn't always have to
20:39
happen right inventors sometimes don't
20:41
make the best CEOs and owners and so
20:44
sometimes the best move is to bring
20:45
someone else in to help lead your
20:48
business and grow your company that
20:50
might have more experience with
20:51
marketing connecting and hiring and
20:53
managing people where you the inventor
20:55
may want to stay the technologists right
20:57
stay the Wozniak and find a Steve Jobs
21:00
to help grow your company so don't feel
21:03
like you have to run the company if it
21:06
doesn't come naturally if you don't want
21:07
to do that because you've got to want to
21:10
do that because when you're starting a
21:11
company and raising capital and spending
21:14
dollars you know you've got to be
21:15
responsible for not just you but your
21:19
employees
21:19
mm-hm so when you're gathering
21:20
information in your ploys are come up
21:23
with R&D; they're generating new
21:26
technology for your company you've got
21:28
to make sure that the company owns the
21:31
IP for that and that it stays in the
21:34
company to the best of your ability I
21:36
could talk for hours on that I mean if
21:39
there's there's a lot to talk we could
21:40
do a show we should do one on trade
21:42
secrets yeah it works really well it
21:44
goes hand in hand with patenting is part
21:47
of a strategy that really starts with
21:49
the business plan right where does your
21:51
company want to be in five years what
21:54
technology should you be working on now
21:56
and what's your plan to bring that to
21:59
market does it line up with your
22:00
business plan stop spinning your wheels
22:03
on projects B C and D just do a now
22:07
because that's what's gonna lead you to
22:09
where you want to go in your business
22:10
plan you know manage three main manage B
22:13
C and D has trade secrets
22:15
and move forward with a patent on a
22:18
because that lines up that's where
22:20
you're going
22:20
so this having that kind of a plan it
22:22
doesn't take that much time
22:23
it just takes careful thought to
22:25
organize and identify your IP yeah
22:29
no it's perfect and like you said
22:30
earlier it's nothing wrong or
22:33
embarrassing if you don't want to be
22:36
that top person the person that's
22:37
running the business if it's not your
22:39
specialty that's not your you know your
22:42
thoughts it's not what you want to do
22:43
maybe you just want to make stuff in the
22:45
you know in the R&D; room all day
22:46
whatever it is there's nothing wrong
22:48
with bringing people bringing in a team
22:50
that does things in certain specific
22:53
aspects better than you it's actually
22:55
smart yeah there's there's no shame in
22:58
that it's smart and the the flip side of
23:01
that is I would say the minority of
23:04
inventors I talk with you know will have
23:10
successful businesses you know it did
23:11
well because it's tough it's tough as
23:14
nails you know what to do it right and
23:15
in many cases the best option for you
23:19
know a first-time our solar inventor is
23:22
to is to sell or license that technology
23:26
you know as opposed to sort of fighting
23:29
the fight and starting up a new business
23:30
I'm not gonna ever discourage someone
23:33
from starting a new business I just want
23:35
to make sure they have all the data and
23:36
all the information to make a good
23:38
decision maybe the best bet is to is to
23:41
get this in the hands of a company that
23:42
I like and I admire that has already got
23:46
a supply chain has already got you know
23:48
products on the shelves and knows how to
23:50
do the advertising and marketing get it
23:52
in the hands and let them do the selling
23:55
and I take a royalty on every single one
23:56
so we can definitely help with those
23:58
monetization options as well yeah and
24:01:00
like you said put these four aspects
24:03:00
different types of protection can can
24:06:00
help you move towards that because if
24:08:00
you are trying to build a business so
24:10:00
you could sell it or you're trying to
24:11:00
build a product so you could sell their
24:12:00
license to the the patent or the
24:14:00
intellectual property these insurance
24:17:00
things will certainly help in the house
24:20:00
yes it's stuff like people don't realize
24:21:00
that you know they think well I'm gonna
24:23:00
I'm gonna sell and license my patent
24:25:00
well and they think of it as sort of
24:27:00
like a shark tank that they've got to go
24:29:00
you the ones pitching their idea and
24:32:00
actually most of the time deals get done
24:35:00
because you've sued them for
24:37:00
infringement they're infringing your
24:40:00
patent and that's how the deal gets done
24:41:00
well you could stop we could stop you
24:45:00
from producing any more of these or we
24:47:00
could get 50 cents on every single one
24:48:00
that sold okay let's do a licensing deal
24:53:00
right that's how the deals actually get
24:54:00
done it's a really good thing if
24:57:00
someone's infringing your patent
24:59:00
it's a hallelujah moment I mean it
25:00:00
really is because that means people are
25:02:00
interested in it you've got you've got
25:06:00
customers sitting waiting if no one's
25:08:00
infringing your patent that may not be
25:10:00
such a good sign that gosh maybe there's
25:12:00
no demand or maybe it's so far future
25:14:00
it's still you know you got a lot of
25:16:00
work to do to bring up the market and
25:18:00
interest so it's a little bit ways out
25:21:00
yeah well that's so great about you know
25:24:00
doing the show is that you see this on a
25:26:00
day to day basis you know to us
25:28:00
inventors it's a theory you know we're
25:31:00
like man when I get this patent I'm
25:33:00
gonna be set but you see how it how the
25:36:00
aspect is after the patent and that's
25:38:00
what's great about getting you're
25:40:00
getting your input on it because we know
25:43:00
now that getting the patent isn't the
25:44:00
end it's just the beginning upstate is
25:48:00
certainly can be I mean the examiners
25:50:00
come from all different backgrounds
25:51:00
they've got different percentages of
25:54:00
approval rates it's just one person and
25:58:00
US attorneys are good we're sharp we can
26:01:00
usually convince an examiner to kind of
26:03:00
say yep okay looks good looks good
26:05:00
sounds good and it can happen that an
26:09:00
examiner lets some things through that
26:11:00
that may not stand the test of a judge
26:14:00
and jury and so it's always a risk that
26:16:00
any granted patent still needs to be
26:19:00
really sort of validated and it if you
26:23:00
were gonna go and force it before you go
26:25:00
sue someone you got to take a look at it
26:27:00
and look at it as a judge would
26:30:00
as the current laws are that maybe they
26:34:00
missed something maybe some things are
26:35:00
there's a little weak part of this
26:36:00
application or the claim set that could
26:39:00
be attacked in one way or the other we
26:41:00
some risks here and here let's go for
26:43:00
let's hold our cards for a bit let's
26:45:00
actually try to take them to the P tab
26:47:00
right not federal court take them to the
26:50:00
patent trial and appeal board and you
26:52:00
can actually do what's called a
26:53:00
supplemental examination you can say
26:56:00
look you know I don't know the examiner
26:58:00
did that good of a job I want to read
26:59:00
have you re-examine why my pad yeah we
27:03:00
do these every now and again and you say
27:05:00
look I want you to take another look at
27:06:00
this I'm trying to be really honest take
27:09:00
one more look give me the okay again and
27:11:00
that actually gives you quite a bit of a
27:13:00
benefit when you go litigating so what
27:16:00
the bigger players they can afford this
27:18:00
sort of thing do that a lot they'll get
27:21:00
a supplementary examination then they'll
27:23:00
go sue someone and kind of have that
27:25:00
that backup supplementary proof that
27:28:00
they're that they've got valid claim set
27:31:00
as opposed to having to prove that
27:33:00
during the litigation so well I don't
27:37:00
know this I'm just sort of off the cuff
27:38:00
saying that it's likely that the
27:40:00
policies could cover something like a
27:43:00
supplementary examination if you were to
27:46:00
find it an infringement so those are the
27:48:00
I mean that's just one of the huge
27:49:00
benefits of having a or a financial
27:51:00
backer like this insurance policies and
27:55:00
you know again I don't I mention this
27:57:00
we're not issuing insurance policies at
28:00:00
our law firm these are third parties
28:02:00
insurance brokers that are licensed I
28:04:00
just I just see such a huge benefit for
28:07:00
my clients that I'm advocating it we're
28:09:00
doing a special show on it so I just
28:11:00
wanna make sure that all your listeners
28:12:00
know that you know there's no financial
28:14:00
benefit here it's not us doing the
28:16:00
insurance work the benefit for us is
28:18:00
that we have happy clients that could
28:20:00
hire us to do the job right that's what
28:22:00
we want no it's exactly right and it's
28:25:00
funny it's funny that you mentioned that
28:26:00
because we've we've licensed many
28:29:00
products here at the launch pad and I
28:31:00
could tell you that the companies that
28:33:00
licensed our products they like the
28:35:00
product but they were more interested in
28:37:00
the patent and what it covered and did
28:39:00
we do it right and you know how are we
28:41:00
gonna back it up is so many so so having
28:43:00
this these offerings is just something
28:46:00
extra that when somebody wants allows my
28:47:00
product I would say hey yeah I'll take
28:49:00
out a policy on it I mean they're gonna
28:50:00
be happy to tell absolutely yeah and
28:53:00
like I said no
28:54:00
my initial discussions you know with the
28:56:00
it's not that much of a of a burden you
28:59:00
know it's it's a couple grand per year
29:02:00
you know depends on how much you need
29:04:00
so yeah something we can do we'll have
29:06:00
to make the introduction a lot of this a
29:09:00
lot of listeners out there probably do
29:10:00
need to start with just an initial
29:12:00
consultation with with with our firm we
29:15:00
do a free initial consultation we're
29:17:00
happy to walk you through the high-level
29:18:00
stuff and you can do that by going to
29:21:00
our website at bold patents com
29:23:00
if you're a phone guy or gal you can
29:26:00
always call 884 915
29:51:00
so great that you guys are offering that
29:53:00
and you know something like this is just
29:57:00
again instrumental it's it's it to me
29:59:00
it's a game-changer because just being
30:01:00
able to get money on my on my patent
30:04:00
could could be allowing me to keep all
30:07:00
the collateral keep my whole business
30:09:00
intact and maybe I only need a little
30:11:00
bit of cash just to keep things moving
30:12:00
or to make something or do R&D; instead
30:14:00
of having to go out and get somebody so
30:16:00
I get really cool for any of you guys
30:19:00
that are out there listening if you're
30:20:00
if you heard about the defense IP the
30:22:00
enforcement IP the collateral protection
30:25:00
or you got an unauthorized disclosure
30:27:00
policies get in touch with JD or
30:30:00
somebody had his team and talk a little
30:32:00
bit more about it as he said it's not
30:33:00
he's not doing it for the nominal gain
30:36:00
he's doing it to help you protect or you
30:39:00
know be able to make your offering much
30:42:00
better I mean being able to offer
30:44:00
somebody a patent with a insurance
30:45:00
policy on it is almost going to ensure
30:48:00
the licensing deal goes through oh yeah
30:52:00
you know talk about other monetization
30:57:00
strategies there are other plenty other
30:58:00
ways to raise money as you probably know
31:00:00
why there's actually quite a bit of
31:02:00
grant money
31:03:00
there yeah and we're digging into some
31:04:00
good resources there and can help anyone
31:06:00
interested in learning about grants get
31:08:00
started and funding connecting you with
31:10:00
a securities attorney for taking on
31:12:00
angel capital or VC capital as well so
31:15:00
yeah that's been great this is a really
31:18:00
good subject yeah so all right well
31:20:00
we're gonna hang it up for the day but
31:22:00
any of you guys as JD's talked about go
31:25:00
to bold IP comms got a whole trove of
31:28:00
information out there on his website
31:30:00
it's awesome awesome website so go on
31:32:00
out there and if possible please go on
31:35:00
out to Google Play or iTunes leave us a
31:39:00
review a rating if possible let us know
31:43:00
who else you you would like to see on
31:45:00
the show or what else you would like to
31:46:00
hear about that would be awesome if you
31:48:00
could do that and we'd love to oblige
31:50:00
we're gonna be doing these shows all
31:52:00
through the year like I said we're going
31:53:00
into our next seasons and it's gonna be
31:55:00
a lot of fun so for myself call my
31:57:00
Dennis CO for my co-host mr. JD Huebner
32:00:00
I thank you for listening and we'll
32:01:00
catch you next time on the go bold IP
32:04:00
show take care
32:13:00
at bold IP dot-com

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