The Jungle Welcomes Bold IP to Answer all your Patent and Intellectual Property Questions

Wayne Rasanen
Wayne Rasanen, President of the Tampa Bay Inventors Council has the Answers Your Looking for
July 6, 2017
Juicebox Moms
Carrie & The Psych Ward
July 11, 2017

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We strive to serve everyone from solo entrepreneurs and small businesses to fortune 500 companies. Bold IP focuses on intellectual property law, including Patent Prosecution & Litigation, IP Licensing, Trademarks, Copyright, & Trade Secrets. For many start-ups and emerging businesses, protecting your IP is a big deal. After getting to know you, your company, and the big picture, Bold IP attorneys and agents will be better positioned to help you leverage your company’s intellectual property assets and turn them into bottom-line profits. Go Big, Go Bold!

Expertise in Patent Law : Our main focus is to help inventors and business owners secure patents on their inventions. The process of getting a patent from the United States Patent and Trademark Office (USPTO) is called ‘patent prosecution’, and that is our primary focus at Bold IP. For many inventors and emerging businesses, protecting patents (as well as other areas of intellectual property) is a big deal and often causes a lot of stress and anxiety. Our goal at Bold IP is to take the stress and worry off your shoulders and put it squarely on ours!

Podcast Notes

1You Tube Transcription
0:02hi everyone and welcome to the licensing 0:06jungle I am , and Dennis Co the 0:08moderator for this session I have with 0:11me the host of the show is Jeffrey 0:13mangas and today on the licensing jungle 0:16we have a intellectual property firm who 0:20has been around for a number of years 0:22these guys are great they're really 0:23really inventor centric they really look 0:27to help out the inventors we have JD 0:30Hoover and Irene Solomon from bold ITI 0:35think write fold IT hi-8 old IP and we 0:40have them on and Jeffrey I'm going to 0:42handle it show over to you and we'll 0:44just start asking a few questions and go 0:46through this this is going to be a very 0:47interesting show we're gonna get a lot 0:49of people that are really really 0:51interested in intellectual property 0:53questions hello this is Jeff Magus 0:56product coach USA on the host of the 0:59licensing jungle thanks so much for 1:00tuning in guys really appreciate you 1:02being a part of it 1:03thanks JD and Irene for being here and 1:06let's just jump right into Jamel Cary 1:08tell us about your firm and what you 1:10want to use a special IV and of course 1:11and just tell us what's all what's going 1:14on over there absolutely thank you Jeff 1:16it's an opportunity thank you for this 1:18our firm we do work with inventors and 1:22with old IP we found a way to deliver a 1:26boutique and and I say suite to 1:30inventors of all walks you know you name 1:32it from a garage inventor to fortune 500 1:35company we're able to serve very 1:37efficiently and effectively through a 1:39one on one way patent attorney to client 1:43and do that by virtual representation so 1:4795 plus percent of our representation is 1:50through clients over video chat much 1:52like we're doing right now wow that's 1:53kinda nice mail phone call so we're able 1:56to deliver real instead of spending 1:58money on that marble and 1:59brick-and-mortar meeting worth that 2:00right to value for the client really 2:03it's been funnier on the firm we brought 2:06on Irene better part of a year ago she's 2:08an IP licensing specialist you know she 2:11done in California is and wonderful 2:13having her 2:14on the teamwork with uh kind of on the 2:15on the fun side of fattening and quickie 2:18aspects you want to try to help your 2:20clients get a license or sell that's 2:23what she does so we do a lot of work on 2:25the front end getting that the best 2:27assets possible for our clients and one 2:29help them on the business side too 2:30that's great that's great 2:32I mean I know I've worked with you and 2:35Irene and seeing you you guys have been 2:37a pleasure to work with I really just 2:38appreciate that so this was kind of 2:41going to I mean a lot of people a lot of 2:43our listeners might not understand even 2:46though they're inventors 2:47they might not understand the complete 2:49semantics of you know how long is the 2:51patent you know what even out some 2:54impulse might not understand all of the 2:55provisional time you can talk a little 2:57bit about that you know just kind of not 2:59you know just some nuts and bolts all 3:01those kind of things on how long utility 3:03patents the duration this kind of thing 3:04people care absolutely you know and 3:06patent law is one of those things that 3:09it does take some time you kind of sit 3:10down and and get into it if you want to 3:13learn about it you can't just go ill 3:16start googling it's one of those things 3:18you need to make sure you're getting 3:19good quality information especially 3:21because the vendors that spend some 3:23hours and weeks or months or years on 3:25their invention it's going to be worth 3:27you know a few hours of sound and take 3:29in some good quality info 3:31I do recommend go into our website old 3:33IP calm this great information there if 3:36you're going to do one thing I recommend 3:38that you take within our book okay it's 3:40right now for free bold ideas 3:42the adventures guides of patents it's a 3:45hundred major it's a small booklet I you 3:47know it's readable I roll down the forty 3:50or so most common questions I get kind 3:54of deliberate answers here this is just 3:56a great way that someone that's thinking 3:58about it or you haven't that with an 4:00attorney and want some core information 4:02at times that's what I recommend to go 4:05your question about the patent process 4:06and just really simply for us we 4:08encourage a patentability search right 4:11up front you yes of course it seemed 4:13better job I think to do their cursory 4:16diligence on their own but hired a 4:18professional to do a worldwide search 4:19for patent information non patent 4:21literature to make sure that what you 4:23have is new is essential and it's the 4:25backbone of the entire process 4:27so once you get through that nobility 4:29search and we're through that wicked 4:30yeah we think there's enough here to 4:32work moving forward we do our we do our 4:35work on applications and depending on 4:37this fist case or the client will 4:39recommend either a provisional or a non 4:41provisional a real high level of 4:44provisional product protects be the 4:46priority that's really what you're going 4:48after with the provisional you get to 4:50file first and that's what we're in now 4:52in that systems in 2013 with the 4:55American Invents Act being issue signed 4:57by Obama then it is not first-to-invent 5:01so not so important anymore of those 5:04inventor notebooks well they're good to 5:05keep for documenting it's not you're not 5:08going to be able to come in and say 5:09later than AI benefits first it's who 5:11files first so that's what a provisional 5:13does more than anything does it 5:16certainly helps you with not having to 5:18lock in your claims you lock in claims 5:20at the non provisional phase we can talk 5:22about some of those details later right 5:24right 5:25really good that's great that's great 5:26information and uh folks donors even 5:29understand what you just said that they 5:30do now that's great but yeah you're 5:34right you used to be a person first to 5:36admit and nice to encourage students to 5:39use inventors notebooks and those kind 5:41of things you know it's really so 5:42important but again yeah it's 5:44first-to-file now so its first one to 5:46the to get there so it's really 5:49important I love that so this not a 5:52question is something here um this is 5:54something I've always wanted to ask a 5:56patent attorney and you obviously I 5:58really wanted to shoot this one at you 6:00um I think a lot of inventors come in 6:04contact with who I think come in contact 6:06with there's a lot of fear out there a 6:08lot of fear about losing their 6:10intellectual property and happen to 6:12protect how men not disclosing anything 6:15how many times in your career have you 6:18actually had to protect someone's 6:19intellectual property how many times is 6:21it well if you're talking about 6:25infringement situation infringement 6:27since you went to jail 6:28yeah I mean it happens and I would say 6:30about half of every single client case 6:33so I mean I would say 20 and we've had 6:37better fortune to get our 6:40patents issue and granted and move along 6:42well not all of them are actually 6:44businesses ongoing concerns of those 6:48that are I'd say half see in crisp an 6:51issue okay whether they're getting 6:54letters from people that saying hey look 6:56your whatever you're selling on the 6:58market is infringing our claims 7:00now after about creating and just being 7:02in that space or they are proactively 7:05monitoring on their own behalf or we're 7:07doing the monitoring for them and we see 7:09a sec we see a product or service out 7:11there that we think does redundant 7:13claims I'm going to comment and we look 7:16for it which those of the clients that 7:18have hired us to do some of these 7:19brokering services we have infringement 7:22is you may not people do think of it as 7:25sort of oh my gosh how horrible but it's 7:27actually a sign that people are using 7:29and it interested in the technology and 7:31makes it more value so it's part of our 7:34analysis that we would send off to a 7:35broker or you know someone that could 7:38connect us with a licensee or buyer they 7:41want to see so we want to actively look 7:43for that to get us in a better 7:45negotiating positions I think a lot of 7:47the fear to you currently if I'm wrong 7:50is if from matters that I talk to a lot 7:53they're just I mean again I understand 7:55what you're saying about who visit a lot 7:57of businesses are looking there's a lot 7:59of things going on but I think a lot of 8:00dinners independent and the vendors are 8:02still afraid that some big company's 8:04going to steal their skill their idea um 8:07you know not saying it doesn't happen 8:09but do you see that often or you see 8:12that not happening 8:13well so I mean and them in the perfect 8:16world is kind of odd to think about it 8:18this way but that if you actually get a 8:20patent on it very a lot of good with a 8:22good set of claims on say a product and 8:24you know an Amazon or Google or 8:26Microsoft or Facebook goes out in 8:28certain some premium clearly on your 8:30claims it kind of does the data 8:31personalized answers let's sue me if 8:34they do that that is a that is a 8:36goldmine if you can actually prove that 8:37we've made a lot of options as the David 8:41right yeah you know you you can sell if 8:45you can sell here you're right - another 8:48big guy right who can then take on the 8:51Microsoft the Google they're making 8:54Facebook um you know you actually could 8:57hire an attorney like Oh lightning right 9:00and could pursue a pre litigation and 9:02seek settlement if it's really that 9:04clear we would do it include to a 9:07validity opinion to make sure that those 9:10claims are indeed valid that you would 9:11get felt when they peaked out 9:14patent trial appeal board case were to 9:17be started and then we would do 9:18infringement of pain okay what are those 9:21two things were done I mean that's 9:23that's kind of an odd touchdown right if 9:26if a company that Bay is ignoring even 9:29well plane cringing they're in big 9:31trouble 9:31right you have rights and you have 9:34protection you don't need to go through 9:36what might be we might think of as 9:38community you know unburden some 9:41litigation look you've got an attorney 9:44an opinion that's reputable they will 9:47sell right well I'm in you know not glad 9:51you said that because we don't make some 9:53listeners go a little bit better about 9:55it to know that it little guy can't 9:57stand a chance if something happens you 9:59know the big fear is oh my gosh they 10:02don't have a lot of enough of money to 10:03protect themselves and go after the big 10:05guys and a lot of cases that's true but 10:08then again what you're just saying is 10:09that if you if things are done right a 10:11little guy has a chance and that's 10:13really that's that's really great to 10:16know I'm glad they was able to talk 10:18about that um so just real quick uh it 10:22this may sound like a really funny 10:24question is there one particular and 10:27Eirene jump in here to if you feel if 10:30you know something here is there one 10:32particular now without disclosing any 10:33names or anything particularly for story 10:36of someone who basically was had to 10:41fight against their intellectual 10:42property and a little guy let's talk do 10:45you know of anything like that in 10:47particular that you know and I think a 10:49lot of inventors are interested because 10:51this one the biggest topic that top date 10:53they talk to me about is protecting and 10:55fear of losing you know let's see Irene 11:00jump in but I mean really isn't you know 11:05cut 11:07nothing comes to mind I'm trying to 11:09collect good yeah I'm eating let's go 11:14that's a good thing dinner good I said 11:18there is one case don't say it horror 11:21story but it's where you know this guy 11:24came to us after they secured their 11:26patent right ma there helped to provide 11:29the patent after it was granted and so 11:32we are representing them on a case and 11:33it's it's got a we did write two claims 11:36so we an early look into it and you know 11:38it's got some good coverage and it's in 11:41the artificial intelligence space boss 11:44right and the way that is drafted is 11:50it's a method and process might and 11:54while we have strong suspicions that you 11:58know for example Microsoft and among 12:01many are likely infringing it's 12:04extremely hard to pinpoint any actual 12:07offerings or publications and it is just 12:12in that case it's just hard because it's 12:14you need to be under the hood you need 12:16to be at Microsoft to tell how that's 12:21done and so it's as I know this kind of 12:22example is kind of a we're kind of stuck 12:24we don't have a good enough case to move 12:27forward on that front and I think 12:31looking on ice I would have had the 12:33chance to write to claims would have 12:35been more much more trying to attach to 12:38tangible things try to attack do things 12:40that will have to be outside the company 12:42so it's just a really kind of word of 12:45the wise about claim draft so important 12:47to make sure that they're ready not just 12:49to cover the technology with 12:51infringement in my thinking about 12:53potentially enforcing the right on the 12:56broadness or big reasons why I mean 12:58first I'm kind of biased but I advise 13:01might work with patent attorneys that's 13:04just that agents donate it's going to 13:06get the job done they're using claims 13:07written and prosecuted through the 13:09examiner but they may not be thinking 13:11about the way the law is written and how 13:13you need to enforce those rights we'll 13:14get to a place where you're ready to 13:17enforce right well let me look 13:20with that said I want to ask you a 13:22question and I didn't plan on this 13:24question but it's kind of brought me to 13:26it 13:27there's a big you know misunderstanding 13:30about provisional patent applications 13:32and putting claims any provisional 13:33patent application now I do know that no 13:35one ever examines a provisional patent 13:37application per se but you know these 13:40suggest putting claims in provisional 13:42patent applications for later on for you 13:44know kind of maybe developing into a 13:46preferring utility patent uses something 13:49you know we do just one one one fairly 13:54more very broad claim there are a few 13:58edges in European Union that will look 14:02at it real hard if you don't have a 14:04claim and sometimes though actually they 14:07won't give it a priority benefit it's 14:09still up in the air up with a few 14:11centuries there that are not so novelty 14:14you really want you to have at least one 14:17claim at the provisional if you're going 14:19to be claiming priority to it maybe it's 14:21not a generic but no there's no reason 14:23to go through whole set of claims it one 14:25to view that the provisional is you can 14:27lay out all your Turnitin embodiments 14:29layout as broadly and your invention of 14:33course has to be enabled for it's going 14:35to be the requirement to have the 14:37priority which you're not going to want 14:39to walk into specific you know claims 14:42until you're really ready 14:44you know the countries called exam you 14:47can you start testing right go go to our 14:49photo typing if you haven't already 14:50tested earn things sell it right and 14:54save it takes and then nine months work 14:57start over to nailing down what it is 15:00you're Venice claims it okay 15:03great that's great information Carmen is 15:05any questions you have you were thinking 15:08well I have so many but is good because 15:14as Jeff and as you guys also know is one 15:18of one of the biggest fears of all the 15:21inventors actually 99% of event does 15:23that come to me come to Jeff and 15:25probably to you guys is the fear of 15:27their idea getting stolen and it it's 15:30it's something that you want them to be 15:32cautious about but we don't want them to 15:34let it drive them to the point where 15:36they don't move their ideas forward 15:37correct you know and that so happens a 15:41lot and but there is a lot of it and the 15:44reason I love your guys firm is the way 15:46giving out books giving out information 15:47you're not just going to land a client 15:50you're trying to educate your clients 15:52and and it's a great thing because an 15:55educated chronic that comes to your firm 15:57it's just a lot easier for you to help 15:59them up sure okay so I really real quick 16:02question we have a lot of times clients 16:05will come to us with their idea and 16:06they'll have a provisional or they'll 16:09have a patent in process but they're 16:11still asking us to sign a nondisclosure 16:13agreement integral for us to sign a 16:16nondisclosure agreement in the first 16:17place because many times simultaneously 16:21as you guys know inventions are being 16:23invented it happens a lot and will same 16:27types of inventions many times but you 16:30get to the point where we really hard 16:32for us to sign non-disclosure agreement 16:33but then I find they have a provisional 16:35patent or they have an actual patent I 16:37think that they just don't know the 16:40process so is it okay for me to say they 16:42don't need an NBA at that point um well 16:47so and I read inserting them do all the 16:49talking and doing a jump in on this one 16:52I would just say and I start client to 16:55do that in certain cases so when a 17:00commercial patent application is filed I 17:03will tell them that yes you're you are 17:05now able to publicize your invention you 17:08can share with third parties and you 17:11don't need an idiot I tell them it 17:13because it's a very entry it's very rich 17:15a lot of conversations you're a 17:16scientist like what do you mean and you 17:18know big companies bolt sign them 17:20because they don't want to be liable say 17:22your ideas all the time 17:23no these but they want to be able to be 17:24free in the market those exactly what I 17:27could see acting like a huge advantage 17:30to add a provisional file but here's the 17:33catch you only want you can only share 17:36and publicize and sell what's been filed 17:39so often times it happens between 17:41provisional and not original you can get 17:43improvements you do testing you're like 17:45oh that I should have should've put a 17:47wing nut 17:48trust or whatever and should be using 17:50this type of aluminum Optima not this 17:52that fighting that improvement you need 17:55to keep under wraps and you need to 17:57either file a subsequent provisional 17:59which you can do or file your non 18:00provisional senator if you don't have 18:02money right away to when a file that's 18:05in that times you want to stop work with 18:08an NDA if you have an improvement a 18:10change even after you found the 18:13non-disclosed been on a non provisional 18:16you would want to keep improvements on 18:18your hat because you can file 18:19continuation applications a lot of 18:22reasons they're helpful but I think 18:25you're right you know that a lot of 18:27inventors are just ignorant and so those 18:30do it because just to be safe for just 18:32in case you know they'll have to sign in 18:34it doesn't make sense it creates some 18:36friction and if they're just likely 18:40uneducated but they are sharing 18:43additional information and improvements 18:45beyond what they filed and they're 18:47starting to do that's that's a really 18:50good piece of information the 18:51improvements part of it very important 18:54because that's kind of what we do here 18:56is that they'll come to us with an idea 18:58and it happens with with with Jeff and 19:00his crew that they'll have that base 19:02idea and just giving them improvements 19:05or we are and we're talking back and 19:06forth about it and you know we know it 19:09is a gray area there but but no that's 19:12really important because I want to make 19:14sure that I'm not trying to make them 19:16think that I'm just trying to get their 19:17idea from when you know and I'm like 19:18right listen we don't sign NDA's but you 19:21can tell me about your idea you know but 19:26it's really important I just wanted to 19:27kind of touch base with that and let our 19:30listeners hear that from your and and 19:32from there but if it's okay real quick I 19:34wanted to ask I read a question JD's 19:36Hodja 19:37I'm Irene alright Irene so so inventor 19:43comes to us and and that will we'll talk 19:48to them it'll be a new idea or something 19:49that's them do you feel that there is a 19:51certain time or phase that they should 19:54put in a provisional or or an actual 19:56utility patent or whatever type of 19:58patent is there a certain time that they 20:01should do it is it in 20:02the development phase it's a prototyping 20:04phase or that they should definitely 20:06have it or is there just it could be any 20:09at any point so I'm actually not about 20:12an attorney the city's probably better 20:15at answering this question but if I may 20:20maybe I add a little bit about you know 20:22when you guys were talking about MBA 20:24from and I definitely agree with JD that 20:27eventually having an MBA is very 20:31important especially when you have any 20:36improvements I made and then if you have 20:38any trade secrets or any confidential 20:40information that you want to perfect and 20:42I just like to point out really quick 20:44when attaching an NDA in place it's also 20:46important because it gives you a cause 20:51of action for a breach of contract in 20:53addition to providing any damages or 20:55injunction relief that are defining the 20:58agreements this is something that I'd 21:01like to point out really quick but the 21:03second question I'm not externally sure 21:05how to answer it um 21:06data can you help sure sure thing so 21:09okay and you made sure to repeat it with 21:11something to because I kind of tuned out 21:12a little bit yeah I said this already 21:14rain is nice so so so and and maybe Jeff 21:18can add in after other but well the fine 21:21will come to us they can have just an 21:22idea I have a sketch prototype a sample 21:26is in your opinion do you think that 21:29there's a phase or a time that an 21:32inventor should be able to kind of roam 21:33free but at a certain point before they 21:36move forward should they have a 21:37provisional word or definitely put in 21:39paper or for utility before they move 21:41any further is it should there be a 21:43stopping point before yeah absolutely 21:47and there's something we had to go into 21:49our process in our invention disclosure 21:52process as we say look we need to say 21:56stop inventing wait this is your 21:59invention you agree we agree this is 22:02your invention and yes there's there's 22:04time let's take to get there which you 22:06haven't documented that's we're going to 22:09go search on okay and then within that 22:11it's sort of this great okay to have an 22:13invention because you believe in it 22:16you can write it and draw it such that 22:18it could actually work right firth 22:21intended nervous next you have to have a 22:23prototype that the huge punctuation 22:25where I agree with that 100% they think 22:29they have to have these huge machines up 22:31and running the software already working 22:34no not at all you need to be able to 22:35have a schematic at the word to be able 22:38to talk and relate how it would be done 22:40you don't actually have to have it 22:42though right to have a patent granted 22:45let alone apply you should apply it when 22:48you have it when you first have it 22:51articulated all the way so what what I 22:54was getting to is that that when you 22:56have those novel functions and features 22:58identified that's when you want to do 23:01the search and start the process right 23:02away and the search comes back at you 23:05fat novel and novelty and there's no 23:08there's no not obvious that's cute we're 23:10file file right away yeah especially if 23:13I mean to me if they're planning on 23:15moving this product forward and they 23:17believe in it they're going to move 23:18forward so it's you might as well get it 23:19going can I 23:21absolutely there's one like Olympia I 23:23want to mention that we usually advise 23:25on is right away as oh so software we 23:29touch on differences in copyright 23:32protection versus patenting and that in 23:37a lot of cases you know things like the 23:39code is not animal right you would never 23:41want to patent cold the actual 23:43JavaScript and HTML that that's very 23:47much akin to the words on it on a book 23:49an author's writing not necessarily the 23:53function throwing you're more effective 23:54functional aspects of the invention that 23:56was protected and so you could 23:59potentially keep the code as a trade 24:01secret it's a trade knowing when to hold 24:04back and not file fat on things is 24:06really important for things like methods 24:09and processes like that one that I 24:11coca-cola it's like oh okay FC 24:14absolutely 24:15ring those are things that have gone 24:17well past the twenty years that's a 24:20modern for men right living meaning you 24:22have something so special that will have 24:24value past twenty years you want to 24:27think about keeping this a trade secret 24:29there's a lot of you know things need to 24:31do to keep it in place it does vary a 24:33little bit state to state but is now in 24:35federal enforcement mechanism for trade 24:37secrets which is really cool it does 24:39take some work and you should see 24:40counsel to make sure you're checking a 24:42trade secrets properly but we can do 24:44that if old IP were having good a lot of 24:46other firms are too that's great I've 24:49got a question um let's just say that 24:52someone just file patent and then 24:56there's changes in their design during 24:58that during that the actual efforts been 25:00the applications and file 25:02what doesn't have it are doing that in 25:03that case what an inventor trying to 25:06make changes come on come on man you 25:09know for those things I mean when you 25:14file that application you at attorneys 25:16jobs I believe to articulate that darn 25:21invention as broadly as you can and try 25:24nothing or see any changes down the road 25:27and describe those they may not 25:30necessarily clean them all but you'll 25:31have it as backing to the EKU's fall 25:33it's called a continuation application 25:35you can make as you can have a reference 25:37fact that non provisional even though 25:39aspects you know de and F aren't this 25:42sort of articulated in the description 25:44but a B and C are right you bring from 25:47that reference and have a new patent so 25:49you can change the design significantly 25:51enough between a new novel features that 25:54are hopefully you know passable above 25:58and beyond your original and you should 26:01protect those under a separate parallel 26:03application great that's that explains a 26:07lot to me what about you call nothing 26:08really so hopefully going to help a lot 26:10a lot of people out there I know we're 26:12kind of you get close to me in the time 26:14you're at one question that I want to 26:16ask what um what piece of advice as an 26:19attorney do you just give to inventor 26:22starting out what where do you suggest 26:24them starting well and I love this mega 26:28deck question I mean I I always advise 26:31clients to think about their invention 26:33not in terms of the eleven so come to me 26:37and think of all gosh I just want that 26:38pad this ones that face paper with the 26:40ribbon on it and then one 26:42our clothes yeah and oh my gosh how 26:45wrong that is 26:46and you need to have a business plan to 26:50go on technology protection very good 26:53this is where Irene comes in a lot of 26:55our team will help put together a 26:57business plan we'll do this a custom not 26:59a weekend as a means right and taking 27:01time with you to charge more but we 27:03advise them to even do it on their own 27:04Kate articulate what it is you want to 27:06do how you're going to monetize this in 27:08technology to get it move forward 27:10whether it's your license or sales or 27:12starting up your own business and 27:14excluding everyone else from doing it 27:15that's so important so important 27:18understand the marketing industry how 27:20you're going to how you're different 27:21from your competitors all that good 27:23stuff and just know that what your plan 27:25is again to the day so we can help 27:27structure that and do the things that I 27:29read those for our clients and help them 27:31fight real run companies are individuals 27:33that want to buy your technology that is 27:36excellent advice I wasn't expecting that 27:38answer honestly because that you know I 27:40write business plans myself and I always 27:42have and you're right you need to have a 27:44direction on where you want to go and 27:46that's I think that's the big problem 27:48lodging dinners they get excited they 27:49get really at all hey I want this be on 27:53the market I want to get a patent but 27:54they don't have a plan and yes that's 27:56excellent advice not only appreciate you 27:58saying that 27:59sure thanks I will I would say that when 28:02you are getting pretty close to where 28:05you have a potential buyer or licensee 28:08then you really start to think about the 28:10key terms of of the licensing terms 28:13itself you know certain terms like 28:16whether you won our licenses as a 28:17non-exclusive license or exclusives the 28:22territory of you know what countries you 28:25would like to allow the licensee to to 28:29be able to use your technology 28:31certain things like that a lot of 28:33defines you know people get really 28:35excited when they find someone who are 28:38interested in licensing or buying the 28:41invention they forgot about all these 28:43key terms that are actually really 28:45matter you know down the line you need 28:48to put the period of time as well 28:50you know just how long you want to have 28:53to like it before 28:55who will be responsible for paying for 28:58the patent Constitution C or sort of 29:00maintenance key I mean those are the 29:01things that are very useful you know 29:04down the road because it's upright when 29:07you have to pay for this after the 29:09maintenance fee if after a certain 29:12period of time that is actually 29:14excellent advice and you're right now I 29:16think this that's where the rub comes 29:18into the lot of dinners they don't even 29:20understand some of the terms you just 29:22said and that's where I come in Clay's 29:24come in come into play to teach them and 29:27coach them on this and exactly those 29:29things exclusives non-exclusive minimum 29:31guarantees what our royalty is what our 29:34advances this is all extreme important 29:36stuff you're right territories very 29:38important these are all great things 29:40that winner should learn to have in 29:43their in their in their tools it's as 29:46far as getting your product to the 29:47market and the business plan that they 29:49put into place this is great stuff thank 29:51you I mean through Jenner jacking them 29:53should become what's been great today 29:55guys so thank you so much for being a 29:58part of the licensing jungle and we'll 29:59send recordings out of the show so you 30:02guys can share it on your on your 30:04website there whatever with it and it 30:06was really helpful and hopefully a lot 30:09of inventors after risking we learned a 30:11lot today there's a lot a lot of good 30:12information I really appreciate you 30:14being a part of it so fantastic I thank 30:17you very much Jeff rating thank you very 30:18much out there I was licensed in jungle 30:20for some listeners when summer plug is 30:22make sure when visit the website bold IP 30:25com2 I get some information on our firm 30:27at full pol VIP comm feel free to give 30:32us a call to 884 915 No thank you and 30:41again this is Jeffrey mangos with 30:43product coach USA if you want to learn 30:45more about the coaching program you can 30:47visit my website quick plug your product 30:49coach you also email me any 30:52questions you have or chronic coach USA 30:54at 30:55let me talk to you about so alright guys 30:59well thank you so much for participating 31:01today I want to all listen oh that's all 31:04the show notes the web sites all the 31:06information everything we talked about 31:07will also be 31:08Valon inventors launchpad website we'll 31:12be posting the iTunes and Google Play so 31:15go ahead and listen go if you have to go 31:18out there to the website talk to you 31:20guys ask some questions because again 31:22nobody does anything great on their own 31:24go ahead out there and get some help 31:26thanks again everybody for being on the 31:28show today thanks guys okay bye