Robert Z. Cashman | Phone: 713-364-3476 | E-mail: rzcashman@patentprophet.com

Archive for November, 2012|Monthly archive page

WELCOME TO PATENT PROPHET

In Manufactured Goods, Patent Infringement, Patent Licensing, Patent Prophet, Patent Trolls, Products Liability on November 20, 2012 at 12:11 pm

Welcome to Patent Prophet. We are a business consulting firm, and our goal is to see inventors and small businesses succeed.

Now up front, you should know that I am a lawyer and I do run a successful law practice.  However, I started this venture because I have developed connections which I believe you can benefit from, and I would like to see your product on the shelves of stores across the U.S.  Why?  Because I get personal pleasure by seeing technology advance.  Enough about me — let’s talk about you and why you are here.

Too much can go wrong from the exciting day that one files a patent application to the day it is issued, and it is important for every inventor to be aware of pitfalls that can catch them offguard and appear to devalue their patent.

1) Patent trolls will start calling.

2) Companies to whom you show the idea might steal it from you.

3) You might try to license the patent to a company who does not take you seriously.

4) You might try to manufacture your product and find the costs to be prohibitive.

5) Your product might injure or kill someone.

If you believe that we can be of assistance to you, or if you would simply like to know how we can be of service, please feel free to click on the “Book Now” button below and schedule a phone consultation with someone from our firm. We would be happy to speak to you about your idea, and even if you choose not to use our services, we are honored to be of assistance.

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WHEN PATENT TROLLS CALL YOU

In Patent Trolls, Patent Valuation, Sale of Company on November 19, 2012 at 4:59 pm

1) Patent trolls will start calling.

Patent trolls are enterprising individuals who seek to purchase quality patents for pennies on the dollar with the sole purpose of suing everyone they can. The product never ends up on the shelf, and the inventor loses out on the value that has been stolen from them. The patent troll reaps a windfall, and the patent owner ends up with pennies and a wasted dream.

Now that your patent has been issued, expect the phone to begin ringing.  And, be prepared to have good-sounding people tell you that your patent is worth little-to-nothing.  Quite frankly, if your invention did not have merit, they would not be calling you.

Our goal is to properly value not only your patent, but also to help you value your entire company and its assets. Whether you would like to sell your patent to the highest bidder and cash out, or whether you would like to sell a portion of it and keep a piece of it as a royalty for yourself for the life of your patent, or whether you would like to not sell at all, we can help you understand your options.

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WHEN COMPANIES LAUGH AT YOUR LICENSING ATTEMPTS

In Patent Licensing, Patent Valuation on November 18, 2012 at 5:02 pm

3) You might try to license the patent to a company who does not take you seriously.

Quite frankly, before your patent issues, your idea has no value. Nobody will license your idea from you on a promise that maybe there will be a patent issued. Without the patent that you worked hard to obtain, you have no rights to the exclusivity of your invention, and anyone (even the company you are seeking a license from) can copy your idea with impunity.

If you have already had one or more bad experiences with a company, because you now own a patent, the value of your idea has just skyrocketed. We would be happy to re-approach the company with whom you have had little success in negotiating a license, because we believe that you would achieve a successful outcome now that your patent has been issued.

We would also be happy to help you choose, select, and approach new companies who can benefit from manufacturing your product; by licensing your issued patent to them (in whatever capacity you choose), you benefit by receiving a handsome royalty off of each item sold.

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WHEN COMPANIES STEAL YOUR IDEA

In Patent Infringement, Patent Licensing, Patent Litigation on November 17, 2012 at 4:01 am

2) Companies to whom you show the idea might steal it from you.

It was a very smart idea to apply for a patent, but companies know that patent litigation is staggeringly expensive. Too often, a company will copy a product that was shown to them and when confronted by the inventor, they will say, “come sue us.”

Our goal is to partner with law firms who are able to make litigation affordable and to keep costs low. When a company is aware that the patent holder is able and willing to sue, they are taken seriously. Whether this means that the inventor will sue to recoup the profits that have been lost, or whether this means that the company will agree to pay the patent holder a licensing fee to compensate the inventor for their loss, we can be of assistance. And, when a company acts in bad faith, when necessary, we can punish them through the mechanisms of triple damages (“treble damages”) which the law provides to a patent owner when infringement is willful.

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WHEN YOU TRY TO MANUFACTURE IN THE U.S. OR ABROAD

In Manufactured Goods, Patent Licensing on November 16, 2012 at 5:03 pm

4) You might try to manufacture your product and find the costs to be prohibitive.

Manufacturing is always a factor of “if you make more, it will be cheaper.” For those who honorably believe in their product being “Made in the U.S.A.,” they may also find costs to sometimes be prohibitive. Going offshore to countries such as China can also be equally cumbersome since a manufacturer needs to deal with people copying their product and competing with the patent owners for their own business. As a result, patent owners often need to police their products, deal with customs to stop infringing products at the border, and deal with piracy of their product offshore.

If a patent holder wants to manufacture their product at a lower cost, then dealing with production companies such as those in China is necessary. However, there are steps that need to be taken to prevent the offshore manufacturer from stealing your product. Consultants in this area can be very helpful in properly protecting your interests while you negotiate, manufacture, and ship your product to the market. Making mistakes here can be fatal to your business.

For those interested in keeping their product “Made in the U.S.A.,” it is often a good idea to partner with other companies who already have manufacturing capabilities here in the US. The most efficient way to achieve this goal and to see your product on the shelves is to license your product to companies who are already making similar products.

Very often the royalty an inventor receives will make the inventor large sums of money for little effort. It must also be said that if that same inventor tried to manufacture the product themselves, they may have 1) never gotten off the ground due to staggering costs, they may have 2) never seen their products hit the shelves (an established company could easily add a new product to their line of products in stores while a new company often has a difficult time breaking into stores), and 3) even if they are successful in manufacturing their product, it might be SIGNIFICANTLY CHEAPER for the patent holder to have another company produce the product, and it might be SIGNIFICANTLY MORE PROFITABLE for the patent owner to let the other company license the patented idea for use in their product under the company’s brand name.

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WHEN YOUR PRODUCTS KILL SOMEONE

In Asset Protection, Entity Selection, Products Liability on November 15, 2012 at 5:06 pm

5) Your product might injure or kill someone.

This is a real consideration for most small businesses who do not properly protect themselves by using legal entities to limit their liabilities in the case where their product injurs or fatally wounds a customer. Product liability is a rampant area of law, and often something simple as protecting the assets of the patent holder or using a corporate entity to shield the patent holder from lawsuits stemming from the dangerous application of a product can force the inventor into bankruptcy and in some cases, it can subject the inventor to defend in a criminal prosecution.

There is obviously much to consider when your patent is issued, and there are many ways you can benefit from your patented invention. Receiving your patent opens up new gates of opportunity for you which can not only make you a millionaire, but can enable you to contribute to the advancement of society as it learns to embrace and benefit from your idea.

To schedule an appointment with us, please feel free to click on the “BookNow” button below, or click here.