Deprecated: Function ereg() is deprecated in /home/content/l/u/z/luzzattogroup/html/theluzzattogroup/blog/includes/class_mysql.php on line 13 The IP Playing Field Blog | Powered by The Luzzatto Group | Patent and Trademark Attorneys
The Intellectual Property Marketplace is becoming crowded and complex. More and more players are entering the marketplace - bringing with them capital, expertise, new services and business models for making money from IP
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In life you need to make some pretty tough choices. On an international flight I had to choose between the latest Angelina Jolie movie or A Flash of Genius the story of the inventor of the intermittent wiper blades and his lawsuits against the Big 3 and other car makers forpatentinfringement.
I think I made an excellent choice. The movie is a must see for any inventor as it shows just how hard it is for a sole inventor to make a deal with a major corporation and what happens when the corporation infringes on an inventor's patent.
As apatentattorney, inventor and entrepreneur, I watched the movie with great intensity. I had lived through similar experiences and could really feel for the inventor Dr. Robert Kearns.
A few take aways from the movies:
1. Don't ever put all your eggs in one basket - negotiate licensing agreements with several companies at the same time - not one after the other
2. Get the best possible experts to help you - Kearns' investors and advisors were neophytes and worse - were doing business with the big 3 and could not risk going to battle with them.
3. Take the money - Kearns was offered $30 Million by Ford during the trial - Kearns turned it down because there was no admission of infringement by Ford. Kearns ended up with a verdict of $10 million. Better to take the money and help other inventors than to risk everything for an admission of infringement
4. Make sure you have a paper trail - Keep great records, prepare and send meeting summaries with everyone you meet during any licensing discussions. You never know what will end up happending a few years down the road and you certainly will not remember everyone you met with and what they had to say
On the flight back home - its a no brainer - Angelina Jolie -- unless of course there is a new flick aboutpatenttrolls . . .I think Hillary Duff would make a great troll
To Sell Your Patent or Not to Sell Your Patent -- That is the Question
One relatively quick and easy route to making money from yourpatentis to sell it outright. You get cold, hard cash and walk away.
Until a few years ago, selling yourpatentwas very difficult as there were no real mechanisms in the marketplace for buying and selling patents.
This has changed in a really big way. Now, there is a whole new industry for buyingpatentscomprised of companies that will buy yourpatentsdirectly from you, and a slew ofpatentbrokers who can help you get the best deal.
However, out of all of the options you have for making money via yourpatent– selling yourpatentoutright is the only one where you have no upside. Yes, you get money for yourpatent– but keep in mind that the buyer expects to make money as well.
You need to weigh all of your options very carefully before deciding to sell and this is one of the reasons we created theIPPlayground – so you can know all of the routes for making money from yourpatentand then decide accordingly.
So, please visit the money making routes in theIPPlaying Field and then you can make the best possible – and most educated decision on whether to sell or not.
Ocean Tomo will return to The Ritz-Carlton in San Francisco, site of its first liveIPauction, for the third time to kick offIPMarkets 2009. The Spring Event, which will take place on March 26-27, 2009, includes a one and a half day conference focusing on cutting-edge IP-related issues, a Gala Dinner at San Francisco City Hall, and of course, the LiveIPAuction.
The Event is well attended by approximately 500IPand business professionals, including Fortune® 500IPand licensing professionals, C-level executives from small and mid-size companies, investors, individual inventors, attorneys and press.
What does this mean? Never give up and never surrender. The Deal must happen and you will make it happen.
Don't confuse this with with being patient. Sometimes the best thing to do is nothing. However, you need to know how to wait -- but not how to quit! If the deal is really important to you (and it should be or you would not be doing it - see deal tip #1) then you must never rest until all avenues have been exhausted.
Real Life example: We found the perfect company to license our invention. Really win-win. The problem was that we could not get a meeting with the Executive we wanted to champion our invention. We tried everything - flowers and candy for his secretary, email, snail mail, Express Mail, phone calls, begging, you name it we tried it.
We really believed in our invention and that it was truly a win-win deal. So we built a very basic model, flew across the Atlantic and just showed up at the company’s main headquarters. We sat in the lobby all day demonstrating our invention to anyone in the company's lobby and to employees of the company who were wandering in and out.
We brought our own lunches and took separate bathroom breaks (the receptionist would not let us in or call the Executive, but she gave us lots of coffee).
Finally, after several hours, the Executive we wanted to meet ushered us in to his offices . . . and the rest is history.
The moral to the story is if you really believe it is a good deal for both sides - never give up and keep trying until the deal is done -- no matter what it takes.
As you can see from the title, we plan on providing at least 101 deal making tips for yourIPrelated ventures. As you can see from the picture -- our second tip is:
Keep Your Eye on the Ball
What does this mean -- focus on your goals and objectives in doing the deal and don't worry about side issues or what the other side is getting. You need to know what you want out of the deal and have a continuous laser like focus on your objectives.
IP Playing Field - Your Roadmap Through The IP Market Place
Your Roadmap takes you to the following destinations: Great Idea, Protect IP, Make Money, Find Experts, Get Investors... To start at the beginning of the roadmap, click here »
Our Blog has several unique features. The first is "Meet the Mavens" -- a series of in depth interviews with the major players and "Experts' Corner" a series of Q&A with leading specialists read more »
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