Manage episode 300660511 series 2904354
SOI231 - Patents: Lessons in Strategies & Financing
Russ Krajec is the CEO of BlueIron, a company that gives startups and small businesses the financing they need for anything patent-related. The goal is to help their clients enforce their intellectual property and build a strong portfolio. Russ is considered one of the best when it comes to patents. He has personally authored over 800 patent applications with experience in various types of intellectual property transactions, patent valuation, and portfolio curation. He is also an inventor with over 30 US patents to his name.
Russ joins us to describe the type of industry he works in and why the market has a severely underrated growth potential. He shares how he familiarized himself with the patent system and what made him pivot his career from engineering to becoming a patent agent. He explains the common misconceptions entrepreneurs have with patent filing, especially regarding the protection it gives. He discusses the common mistakes people make when getting patents and examples of ideas and inventions that should not be patented. Russ also explains how having intellectual property insurance can prevent bankruptcy.
"A patent has no value until somebody is using it." - Russ Krajec
Today on Spot On Insurance:
- Russ' career as an engineer and how he familiarized himself with the patent system
- What made Russ pursue a career as a patent agent
- Why independent inventors were called ‘walking malpractice lawsuits’
- What inventors should know about patent attorneys
- The moment Russ wanted to sell intellectual property insurance
- What the market for patents is like
- The common mistakes people make when getting patents
- Why patents don't mean protection
- What should - and should not - be patented
- An example of a patented technology protecting its owner
- The number of patents Russ has filed
- How patent insurance can save a company from bankruptcy
- What readers can expect from his book Investing in Patents
- Companies are 22 times more likely to have a patent-related lawsuit than a directors and officers claim.
- There is a sophisticated and not well-advertised secondary market for patents.
Connect with Russ Krajec:
- IP Insurance
- Book: Investing in Patents: What Startup Investors Need To Know About Patents
This episode was brought to you by…..
Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.
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