When it comes to patents, it’s all about protecting your best and most original ideas. This helps you to establish ROI on your own intellectual property.
On this episode of the Dynasty Leadership Podcast, Craige Thompson of Thompson Patent Law joins the show to discuss his career as a patent attorney and advice for when you should patent your product.
Before going to law school, Craige was an electrical engineer for ten years. He has now been practicing patent law for over eighteen years and got his expertise from one of the best patent law firms in the country, Fish & Richardson.
Craige believes in what he calls, “Invention Harvesting,” because 50% of companies will experience IP loss this year. By simply writing things down you provide an opportunity for protection.
This podcast covers Craige’s process for getting a patent which includes:
- Harvest the invention to understand what to patent
- Perform prior art search for what has already been patented
- Find the clear point of novelty
- Determine if novelty is aligned to be commercially viable
- Verify profitability for novelty
- Brainstorm monetization strategies
- Prioritize the claim strategy
This process explains what the patent process looks like and things to be prepared for if you did decide to patent your invention. Craige has the insider knowledge on why someone should pursue a patent and when it’s not a good idea to do so.
Craige has reverse engineered what happens in a patent office and has made it simple to understand and execute. He even wrote a book called The Patent Offense Book where he examines getting sued and getting a patent.
Dynasty Leadership focuses on helping visionary leaders map out their strategy and take the bold steps necessary to grow their business. If you are one of those leaders, I would welcome a conversation with you to hear your story. Call me at 612–845–2076.
Key Takeaways:
[2:20] Craige explains what a typical patent process looks like.
[3:10] Are patents a big deal? Do we really need one?
[4:15] When does it make sense to patent a product?
[5:50] What does Craige mean by ‘invention harvesting’?
[8:00] You can also check out Craige’s book as well, Patent Offense, for more info.
[10:25] “I have checked everything and there’s nothing like my product out there!” Chances are, Craige can find it.
[11:05] What is considered ‘prior art’?
[13:15] What is a ‘point of novelty’?
[15:50] Rejection of your patent is a good thing. That’s when the negotiation starts!
[17:15] Craige shares an example of what a ‘point of novelty’ looks like.
[19:15] Once you have your ‘point of novelty’ answers, it begins to unlock all the business questions you need to determine whether this patent makes sense to pursue.
[21:25] What kind of profit are you looking at if you do patent this product?
[23:00] Thinking of an exit strategy? A patent could increase the value of your company.
[26:25] Craige explains how someone can prioritize their claim strategy.
[29:00] Are patent really only for the big guys?
[31:55] How much would it cost to get a quick assessment of whether a patent is worth it or not?
[33:45] What kinds of mistakes do people usually make?
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