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

Bold IP is an agile law firm whose mission is to serve the bold & brave!

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!

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Podcast Notes

1You Tube generated podcast notes, please excuse any typos.
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
5:25really 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
9:31right 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
11:07nothing 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
13:27there'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
19:37I'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
24:15ring 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
30:55let 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