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But only recently did I read a clear document on the risks and rewards of patent strategy. Thanks to Russ Krajec, a patent attorney, for the quick improvement in my education, here are some important points to consider when thinking of your patent strategy. What is the true cost of patenting an idea? And private.
It requires you to expend your two most valuable resources, your time and your money. Patents held by startups generally have a limited ability to reduce competition. The average time required to obtain a patent is 36-to-40 months, during which there is no guarantee your adVenture will ultimately receive patent protection.
I always advise software startups to file patents to protect their “secret sauce” from competitors, and to increase their valuation. The good news is that a patent can scare off or at least delay competitors, and as a “rule of thumb” patents can add up to $1M to your startup valuation for investors or M&A exits (merger and acquisition).
I always advise software startups to file patents to protect their “secret sauce” from competitors, and to increase their valuation. This patent holding company has charged infringement and demanded royalties from every app developer for the iPhone and Android, for a feature most agree has been in apps for many years.
I always advise software startups to file patents to protect their “secret sauce” from competitors, and to increase their valuation. The bad news is that patent trolls can squeeze the lifeblood out of innocent and unsuspecting entrepreneurs, as exemplified by the current mess around Lodsys patent No.
The European Commission today announced that it has decided to close formal antitrust proceedings against San Diego-based Qualcomm , saying in a statement that "it does not consider it appropriate" to invest further resources into the case. Tags: european union commission qualcomm patent legal lawsuit antitrust. Nokia Corp.,
By carefully recognizing and focusing upon the very core of the business, these CEOs are allocating their scarce cash resources to hire the best talent they can find to support that core business, and then reaching out to partners, independent contractors, and other small businesses to provide all other functions.
By carefully recognizing and focusing upon the very core of the business, these CEO’s are allocating their scarce cash resources to hire the best talent they can find to support that core business, and then reaching out to partners, independent contractors, and other small businesses to provide all other functions.
Fourth: Financial risk. Any new enterprise is at risk if there are not enough resources to get the company to breakeven, which is a proxy for stability. This is sometimes labeled “execution risk” addressing whether management can create and run the company producing the product acceptable to the marketplace.
These days, you can find existing patents and trademarks through Google and the US Patent Office online site without spending thousands of dollars with your favorite patent attorney. Of course, existing patents don’t stop you from innovating, but charging ahead into a wall is no fun.
Come to the Intellectual Property Workshop to learn about the different options available for applying for a patent, including the time and resources needed. This Workshop will also present the requirements for obtaining a patent and point out some of the pitfalls to avoid both before and during the application process.
Come to the Intellectual Property Workshop to learn about the different options available for applying for a patent, including the time and resources needed. This Workshop will also present the requirements for obtaining a patent and point out some of the pitfalls to avoid both before and during the application process.
For a software startup, a patent can be the intellectual property providing the key competitive advantage, or it can be an expensive non-defensible bureaucratic nightmare -- or both. Some argue to simply eliminate software patents, while others put their hopes in U.S. Every business is global, but patent rules differ around the world.
Startups simply don’t have the resources to keep ahead of large competitors who see initial traction and go after it. Here are some of the key ones: Patent protection in place as a barrier to entry. First to market, for example, is not normally a sustainable advantage for startups. A narrow scope doesn’t help your case either.
Value is embodied in previous success with investors, proven problem solving ability, and having built and executed a business plan with minimal resources. Key to required patents or trade secrets. In many cases, one of the co-founders may bring some work in progress that can be patented, trademarked, or copyrighted.
A strong answer should be something like “Our product introduces a new lower-cost technology, which we have patented and trademarked, that makes us very attractive today, and will provide a wealth of additional products as we move forward.” The problem is that startups have limited resources to keep them ahead of big companies.
Most aspiring entrepreneurs look to their alma mater, or any university, as a source of classes that can help them, but neglect to think outside the box or take advantage of all the other resources to be found there. Get help with grant funding and incubator resources.
In fact, I think the evidence is clear that many entrepreneurs started their journey while still in college, and capitalized on all the resources there, before moving on: Extend your technology focus with business basics. Every school recognizes the power of “hands-on” work to help you develop your own ideas into a business.
Any new enterprise is at risk if there are not enough resources to get the company to breakeven, which is a proxy for stability. This is sometimes labeled “execution risk” addressing whether management can create and run the company producing the product acceptable to the marketplace. Fourth: Financial risk. . And fifth: Competitive risk.
Each decision you make to commit resources – your money or your use of corporate or personal time – affects the future value of your business. But each commitment of resources of any substantial size for acquisition of new products, talent, even new companies, changes the value of your enterprise perhaps to a great degree.
Some resources on this: Intellectual Property is More Than Patents Does My Startup Have Intellectual Property? More Reading Finally, if you are reading this, then you probably should be reading more about Startup IP ( Intellectual Property ) and definitely follow Jill Hubbard Bowman's IP Law for Startups. False Confidence.
A strong answer should be something like “Our product introduces a new lower-cost technology, which we have patented and trademarked, that makes us very attractive today, and will provide a wealth of additional products as we move forward.” The problem is that startups have limited resources to keep them ahead of big companies.
A strong answer should be something like “Our product introduces a new lower-cost technology, which we have patented and trademarked, that makes us very attractive today, and will provide a wealth of additional products as we move forward.” The problem is that startups have limited resources to keep them ahead of big companies.
Both have obviously been able to expand their focus and impact, based on learning from early challenges, availability of additional resources, and early success applied more broadly. It clearly takes focus to create and file a patent, but it will give you a tremendous advantage over “me too” competitors.
Some resources on this: Intellectual Property is More Than Patents Does My Startup Have Intellectual Property? More Reading Finally, if you are reading this, then you probably should be reading more about Startup IP ( Intellectual Property ) and definitely follow Jill Hubbard Bowman's IP Law for Startups. False Confidence.
No known patents filed. Maybe the solution hasn’t yet been commercialized, but a patent has been submitted by someone else, putting your idea in jeopardy. Another series of searches on Google Patents and the US Patent Office site and Free Patents Online is in order at this point. No idea is worth that.
A strong answer should be something like “Our product introduces a new lower-cost technology, which we have patented and trademarked, that makes us very attractive today, and will provide a wealth of additional products as we move forward.” The problem is that startups have limited resources to keep them ahead of big companies.
No new venture can muster the resources and expertise to attack all these opportunities concurrently, so I recommend a clear and quantified focus on one to maintain credibility. Unfortunately, startups with an innovative product but no protection are quickly overrun by larger competitors with more resources.
No known patents filed. Maybe the solution hasn’t yet been commercialized, but a patent has been submitted by someone else, putting your idea in jeopardy. Another series of searches on Google Patents and the US Patent Office site and Free Patents Online is in order at this point. No idea is worth that.
These days, you can find existing patents and trademarks through Google and the US Patent Office online site without spending thousands of dollars with your favorite patent attorney. Of course, existing patents don’t stop you from innovating, but charging ahead into a wall is no fun.
These days, you can find existing patents and trademarks through Google and the US Patent Office online site without spending thousands of dollars with your favorite patent attorney. Of course, existing patents don’t stop you from innovating, but charging ahead into a wall is no fun.
A good answer might be “We have several patents on the base technology, which is so robust that we expect to roll out new products every year for the next ten years, always staying a step ahead of our competitors.” Our patent will protect us.” Patents are worthwhile, so this answer is far better than the first five.
Customer data, as well as internal data, is a key resource for every business that must be secured and protected. You need to address these concerns early, by highlighting patents, encryption capability, or other features which mitigate these risks and costs. This priority applies to big companies, as well as startups.
Most aspiring entrepreneurs look to their alma mater, or any university, as a source of classes that can help them, but neglect to think outside the box or take advantage of all the other resources to be found there. Get help with grant funding and incubator resources.
A good answer might be “We have several patents on the base technology, which is so robust that we expect to roll out new products every year for the next ten years, always staying a step ahead of our competitors.” Our patent will protect us.” Patents are worthwhile, so this answer is far better than the first five.
The critical success factors for a product business are well known, starting with selling every unit with a gross margin of 50 percent or more, building a patent and other intellectual property, and continuous product improvement. The investor perspective is that no manufacturing or inventory implies a minimal need for capital up front.
Any new enterprise is at risk if there are not enough resources to get the company to breakeven, which is a proxy for stability. This is sometimes labeled “execution risk” addressing whether management can create and run the company producing the product acceptable to the marketplace. Fourth: Financial risk. . And fifth: Competitive risk.
In addition, we all know that patent disclosure rules often facilitate legal reverse engineering, and innovation at this point is now much cheaper. The world is now a small place, but startups usually don’t have the resources to saturate all the related markets at once. Capitalize on the lessons from early adopters and competitors.
Creating intellectual property, including patents, is the kay to long-term value and a sustainable competitive advantage. People are your best innovation resource. Business risks are not just development risks. Value creation. Innovative technologies have no value until they are turned into solutions to real customer problems.
Patents and trademarks are very valuable in attracting investors for scaling, as well as future premium buyouts. Willing to start today and find resources later. Bypasses intellectual property as not worth the cost. Thinks boundless energy is equal to experience.
The same is true for filing patents, registering trademarks, and filing copyrights. Almost anyone can start a company today on a shoestring budget, following these cost-cutting recommendations: Establish a solid legal structure for your business. Required legal fees now average $5K or less, compared with $20K or more as a minimum.
There are lots of resources available for that question, including the Internet and mentors like me. As an example of a good resource, I enjoyed the classic book, “ Idea To Invention ,” by Patricia Nolan-Brown, that does a great job on the key steps. File at least a provisional patent and one or more trademarks.
Creating intellectual property, including patents, is the kay to long-term value and a sustainable competitive advantage. People are your best innovation resource. Business risks are not just development risks. Value creation. Innovative technologies have no value until they are turned into solutions to real customer problems.
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