Things Inventors Should Know (inventor toughlove)

Make sure you know what you are Getting

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Inventors beware: at this law firm we have seen inventors go broke, go bankrupt, lose their house, lose their marriage, lost everything. In some cases the market-indicators and flaws in their product were very apparent early on. 

Patents and RoI

inventor FAQs

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We are happy to serve you, but lets make sure we can help you. There are certain questions that we have gotten many times over the years. If you do not like the language within this section, we might not be a good match for you.

Read this before you Hire us

Crowdfunding Myths, including Patent Myths

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Many starry-eyed inventors have the wrong idea about Crowdfunding, and end up disappointed.

Patents and Crowdfunding

Selling on Amazon

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 We love Amazon, and want our clients to have an Amazon presence. However, Amazon is rough, they play rough in what is already a rough game.  This section is not enabled yet, but is coming. We have a lot of experience with Amazon-vendors. Please check back later.

patent searching myths

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The single most misunderstood issue in all of patent law. Do not delude yourselves!  Get Educated! Your patent searching is not very important to the Examiner, or the Patent Office. 

Truth about patent Searches
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what patents are, & what patents aren't

Additional Information

Inventors beware: at this law firm we have seen inventors go broke, go bankrupt, lose their house, lose their marriage, lost everything. In some cases the market-indicators and flaws in their product were very apparent early on.  Don't be another statistic!


Another myth\request we often get: "I want my patent to exclude others from __________________". This is probably not the best way to start a patent process. A typical patent litigation will cost a minimum of half-million dollars. Most of our clients could never afford this. Thus, even though we get someone a patent, enforcing that patent that way will likely cost more than what our clients could afford.


There are law firms that take patent cases on contingency, but these are difficult. Such law firms may only take the case when its a sure slam-dunk, e.g. where there will be no resistance, and/or the other side has already admitted culpability and is seeking settlement terms.


Instead, think of a patent as a shield, not a sword. As a defensive weapon, not an offensive weapon. As insurance, in case you get attacked by others. And finally, most important, as a way of convincing investors that you truly own and can retain rights to a certain product, business model, or technology. Mark Cuban often asks this on Shark Tank.  That is, Mark Cuban may as "is it proprietary?" and "do you own it?" While patents are by no means an assurance that anyone owns anything, patents can be a more valid indicator than other metrics.


Finally, always bear in mind, there is often a mis-match between what an inventors wants, and what the Patent System offers. The two often do not have the right overlap.




 

This section is Titled "Truth About Patents" for several reasons. The main reason is that patents are so widely misunderstood. Many patented inventions never make a dime. Meanwhile, many unpatented inventions make a great deal of money. Do not equate patents with commercial success!


Next, when the marketplace has sent you a clear message, you need to listen! If the world wants your invention, they will tell you! More importantly, if the invention is not selling, not scaling, not penetrating the marketplace, inventors need to heed this message!


Know when to fold. Know when to admit you have made a mistake, and this invention does not have legs, is not sellable. Its nothing to be ashamed of.   This problem exceeds all others, by a Long Way 


The real shame is when inventors insist on staying "all in", and spending their way into bankruptcy or at least major financial difficulties. At this law firm, we see this problem more than all other problems combined.


Listen or Download (audio player self-contained)

The first file (2 min 52 seconds) discusses depth of disclosure, and why blowing this off will greatly harm the chances of getting a patent Issued.


The second file (3 min 1 second) discusses the importance of getting an invention to an MVP-stage (Minimum Viable Product) as quickly as possible. Inventors that cannot or will not do this, prior to seeking capital, are much more likely to fail. No one wants to fund a non-finished invention.


The third file (2 min 33 seconds) discusses the problems with inventing to an industry that one has not participated in previously. These inventors also have a much higher chance of failure.


The fourth file (2 min 45 seconds) discusses an important topic: the myths, canards, misunderstandings, and outright fraud surrounding patent searches. 

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incubators, accelerators, and economic development: read and heed!

The typical metrics are often WRONG

Don't go by the traditional metrics. These are often  wrong, and do not properly reflect the true authentic benefits of an incubator or accelerator.


We will be adding to this section later, but just want to note how typical business metrics are misleading and inaccurate, not an indicator of success or advancement. One example is Theranos, who has 126 Issued Patents. Equally important to what false-metrics incubators do track, are the important data-metrics (often easily available) that they don't track.


We will be adding more to this section later.