Patent Attorney and Founder
Hi everyone, I’m J.D. Houvener, your host of the Bold Today’s Show, where you, the inventor or entrepreneur, get your daily inspiration so you can go make the world a better place. Welcome, it is a Monday, happy Monday everybody, hope you’re all doing good this week. I’ve got something special for you to think about. The last two weeks we’ve talked about the Super Soaker and in weeks before we’ve talked about all the hard work that goes into doing patent searching and getting the patent rights granted. This week I want to talk about some of the fun activities that can happen once you reach that level, and what I’m talking about is making sure you’re growing your business, right?
A lot of the main goals of our clients are to start and grow businesses, and if that’s your goal, you’re gonna enjoy this week’s session. But for those of you that are just technologists, don’t tune out yet. There’s a couple of sections this week that are going to be applicable directly to you. What I want to talk about today is a question I get a lot from inventors where it’s the David versus Goliath scenario. You’ve got your patent rights granted, but you know what, in the big Amazon or a big Facebook or Microsoft says, you know what, this little guy is not going to touch me, I’m gonna go ahead and do exactly what his patent says and telling the little, you know, David, hey come get me, and there you are, the small inventor. What do you do now?
We’ve got three main options, right – two are sort of not so great. The third one, the one introduced today, is quite compelling. So, the first option we’ve always told our clients is that what we can do is potentially work on a contingency, right, and not all firms will do that. Sometimes our firm, well, depending on the merits of the case, we would be willing to do the work, meaning all the patent validity infringement seeks and assists, and perhaps even a trial work at a contingency rate. More details on that at a later time.
The second option is to actually look to sell or license the right to sue, right? You might think of a competitor to this Goliath would say Amazon, right? Think of eBay. eBay may be interested in suing the lights out of Amazon. Maybe already in a lawsuit today. So, you can sell your rights to eBay to then take on Amazon that may be infringing your right.
The third option that we’re going to be talking about this whole week is this idea of patent insurance. So, before the infringement happens, starting at the point when you first file your application, you can secure and open up a policy. It’s called IP infringement insurance, and it’s a policy that does exactly that. It will provide insurance benefit if there is indeed an infringement of your patent claims. So, we’re talking about that and a few other areas of what’s called IP insurance in this whole world, patent-specific, and trade secret-specific insurance models. They can protect you even before you get your patent granted.
I’m your host J.D. Houvener of the Bold Today Show. If any of you have any questions about this or patents in general, what I want you to do is go visit our website at boldpatents.com. We have tons of information there, free resources, books, and all the good information resources and flowcharts we have to walk you through that on a free 30-minute consultation as well. Have a great day, everybody. Go big, go bold.