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” When Elon Musk set out to build SpaceX he wasn’t greeted with enthusiasm from the space community not used to having a private enterprise challenge the government funded space exploration of NASA. We checked patents. What about competing patents. And that is what we’ll do.” Now they are partners.
Patents are not worth the effort, since big companies will win. Patents can raise startup valuation by investors by as much as a million dollars, and will attract acquisitions rather than copycats. Patents can apply to innovative user interfaces, processes or a new technology algorithm.
Inventors follow a structured process to assemble and test solutions, file patents for intellectual property protection, and define production details. Elon Musk has a deep technical background that has helped him lead multiple businesses, including SpaceX and Tesla. Dreaming and talking about potential solutions is not enough.
The patents Overture held became known in small circles as Google’s ’361 problem as outlined here. We don’t seem to get credit as a community for SpaceX or recognition as one of the fastest growing communities for commerce: Honest Company & JustFab. acquired Overture for $1.63
Elon Musk with SpaceX is an example of a new business bringing in technologies from artificial intelligence and solar power to develop smart and reusable rockets to do satellite delivery and space travel. Look for technologies to adapt from other domains. This usually requires a new paradigm, real creativity, or dramatic innovation.
Elon Musk has done it with SpaceX and Tesla, and Steve Jobs did it on a regular basis at Apple. Patents and other intellectual property must be secured at this point. In reality, that’s the definition of a successful startup these days, so every aspiring entrepreneur should take note, as well as every existing corporate executive.
Elon Musk – SpaceX, Tesla Motors, PayPal. Finally, and probably his best-known company, SpaceX is Musk’s third hyper-successful business. It also won a number of key patents bit.ly/RiJCFI Yes, that means a number have failed, but his successes are too important to ignore. What would this list be without Elon Musk? The iPad mini?
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