Patent Attorney and Founder
Hi everyone I’m JD Houvener welcome to the bolt today show where do the inventor entrepreneur business owner get your daily dose of inspiration to make the world a better place we’re in part three of our session about goals and going big and monetizing in that market as the patent attorney can help you as the inventor and entrepreneur move forward into the process today we’re gonna have a special challenge this one is about what you’ve been working on the past two days in writing down those goals and getting the environment clear but what you’re going after okay this is gonna take you to that next level and probably even move you to a place where you you might have seen this coming if you’ve been following how I usually try to push you guys this is to make you draw okay get out some pencil and paper put some color to it draw your goals and yes you need to fill up infuse the details you put in and then day one of this series and the environment write this the touch the color the smell try to infuse that into your into your drawing put this in detail take some time get it done right maybe get some help and fleshing it out give some graphical design even if you want to I did in mind so enjoy that and go for it I will hope to hear to hear your comments below about how your how you’re doing on that so in this part of the law and how patents are monetized today I want to talk about licensing and you hear about a lot about licensing and patent licensing so what this means is that you as a patent owner you have those abilities those four rights right to make you sell and import into the US it’s about licensing right letting a third party do one or more of those one of those rights let them exercise those rights for certain remuneration rights certain money coming back to you as the rights holder as the inventor that’s all it is it’s a contract and so we are going to be obliged to make sure we work with a state-certified attorney right someone that’s familiar with the contract law in the state that the parties reside in but it’s hard it’s all about patent law and the rights that govern those across two different at least two different parties or certainly could be three or four more parties involved in licensing so there’s about four or five major terms in a licensing agreement of course the grant and the grant is about what rights are being given up it defines in no uncertain terms what it is it’s being given up by the inventor and what’s being was being returned by the licensee and license or is the inventor giving the rights up licensee is the one that you using one or more of those patent rights okay then there’s the term a term of use the license can certainly be less than the term of the patent and so let’s say it’s five years well does that start from the point of issuance is it starting from a certain contract point so the term is very important in understanding what rights are given for what duration of time the next is about due diligence making sure that the party that’s being licensed right the licensee has a duty to actually use the product in commerce so the inventor the license or is not stuck with having given up rights and not being able to get any royalties back and of course the fourth big area is royalties right who’s getting money and how much is it is it a percentage on each sale or is it a flat fee that’s given yearly by annually lots of different options depending on the different market and technology so I hope you learned a little bit about patent licensing today if you’ve got any questions or you know anybody that does feel free to book a free consultation with our firm our patent attorneys are ready to speak with you about this and if you enjoyed the lesson today as well please feel free to share this on social media Facebook Instagram LinkedIn it’d be great to hear your feedback we’re always looking to improve the program here today so I’m your host JD Houvener the bold today show it’s been great being with you have a great day [Music]
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