Craige Thompson is an Entrepreneurial Patent Attorney at Thompson Patent Law as well as an author and a speaker. On today’s show, Craige gives insider knowledge on why someone should pursue a patent and when it’s not a good idea to do so. He also explains what the patent process looks like and things to be prepared for if you did decide to patent your invention!
[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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