• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Engineering Management Institute

  • About
    • Meet Anthony Fasano, P.E.
    • EMI’s Mission, Vision & Values
    • Meet Team EMI
  • Content
    • Blog
    • Podcasts
      • The Engineering Career Coach Podcast
      • The Civil Engineering Podcast
        • Women in Civil Engineering
        • Civil Engineering Entrepreneurs
        • The Civil Engineering CEO Podcast
      • The Structural Engineering Channel
      • The Geotechnical Engineering Podcast
      • The Engineering Quality Control Podcast
      • The Engineering Project Management Podcast
      • AEC Engineering and Technology Podcast
      • Women in Engineering: Success Stories from STEM Professionals
      • This Week in Civil Engineering
    • TV
    • Videos
    • Books
    • Recommended Reading
    • Sponsors
  • Services
    • Training
    • Hiring Solutions
    • Webinars
  • FE-PE Exams
  • Clients
  • Contact
  • Training

  • About
    • Meet Anthony Fasano, P.E.
    • EMI’s Mission, Vision & Values
    • Meet Team EMI
  • Content
    • Blog
    • Podcasts
      • The Engineering Career Coach Podcast
      • The Civil Engineering Podcast
        • Women in Civil Engineering
        • Civil Engineering Entrepreneurs
        • The Civil Engineering CEO Podcast
      • The Structural Engineering Channel
      • The Geotechnical Engineering Podcast
      • The Engineering Quality Control Podcast
      • The Engineering Project Management Podcast
      • AEC Engineering and Technology Podcast
      • Women in Engineering: Success Stories from STEM Professionals
      • This Week in Civil Engineering
    • TV
    • Videos
    • Books
    • Recommended Reading
    • Sponsors
  • Services
    • Training
    • Hiring Solutions
    • Webinars
  • FE-PE Exams
  • Clients
  • Contact
  • Training

TECC 261: Using Patents as a Financial Instrument in Engineering

December 7, 2021 By EMI

https://media.blubrry.com/engineeringcareercoach/traffic.libsyn.com/secure/engineeringcareercoach/TECC261.mp3

Podcast: Play in new window | Download | Embed

Using Patents as a Financial Instrument in Engineering

In this episode, we talk to Russ Krajec, a “recovering patent attorney” who believes that IP (intellectual property) can be used as a financial instrument. He is the author of “Investing in Patents” and one of IAM’s Top 300 Patent Strategists. He talks about using patents as a financial instrument in engineering, and why it is important for engineers to patent their inventions.

Engineering Quotes:

using patents as a financial instrument

Here Are Some of the Key Points Discussed About Using Patents as a Financial Instrument in Engineering:

  • It is an honor for an engineer to get a patent because it is an award that is just short of a Nobel prize. It means that you have created something that nobody in history has ever thought of or created. Small companies can use their patents as weapons against other companies that are stealing their inventions. These patents must survive litigation, licensing, and must be of the highest quality possible. Big companies get many patents each year, so they do not focus on the finer details of their patents.
  • If your patent is valuable, you can collateralize it and insure it to be enforced against other people. Having patents makes investors feel good, which is an important value proposition. Many investors make the mistake of not looking carefully at the patents before investing in them, which could cause them to lose money.
  • To evaluate a patent, you must be sure that it is detectable. You must be able to detect if your competition is using what you have a patent for. If it is not detectable, then you have put your company at risk.
  • If you go to a patent attorney, you will almost certainly get the patent. The patent attorney must get you a patent and make money by doing so. It is your job, not the patent attorney’s job, to find out if your patent is good or bad, and if it has any value.
  • The book, “Investing in Patents,” will help you to evaluate inventions and figure out if it is worth patenting. The best way to learn about investing in patents is by experiencing and learning from your mistakes.
  • Look at patents from a business standpoint. Ask yourself if the patent will help or hurt you and is it worth the investment. If you want to get a patent, remember that a patent only has value while there is a product in the market. Your idea might never make it to the market during the period that your patent is enforced. Do not make the mistake of thinking too far in advance and get “wishful thinking” patents. You want an idea that will make it to market. If you can sell the patent or the product that the patent covers, you will start to create value for the patent. Until you figure out what your customers want, all ideas are worthless.
  • One of the biggest mistakes is to get a patent way too early. You do not have enough data or do not fully understand the technology surrounding it or the customers. You will get smarter about everything in time and will be able to make proper business decisions about getting the patent.
  • Patent insurance gives a company an amount of money that they can spend on legal fees for enforcing the patents. Having enforcement insurance means that you can take someone to court if they try to steal your ideas or products for themselves.
  • When doing patents, you get to touch an idea, involve yourself with it, and get to work with it. And after a few weeks, you move on to the next patent. A patent lawyer can create value for your patent in a short time.

More in This Episode…

In the Take Action Today segment of the show, Russ Krajec talks about designing your business around your idea before you get the patent.

About the Guest, Russ Krajec

using patents as a financial instrument

Russ Krajec is a “recovering patent attorney” who believes that IP can be used as a financial instrument. He is the author of “Investing in Patents” and one of IAM’s Top 300 Patent Strategists. As CEO of BlueIron, he finances the cost of patent portfolios, insures IP portfolios for enforcement and defense, and provides loans using IP as collateral.

Intellectual property (IP) is often the most valuable asset a company has, but IP is notoriously messy to identify, protect, and enforce. Russ simplifies the IP process, and more importantly, gives companies the tools necessary to make money with their IP. No longer is IP just a legal expense. It can be the tool for financing a company, negotiating better deals with strategic partners, keeping competitors at bay, and, ultimately, faster growth.

Russ has written nearly 1,000 patents for companies ranging from the Fortune 10 to startups, has been the COO and Chief IP Counsel of a venture-backed startup, and he created a business of financing the cost of patent portfolios. His company, BlueIron, adds IP insurance to the patent portfolio financing so that companies can have the tools to enforce their IP against infringers, as well as the reserves to survive IP lawsuits.

About the Host, Jeff Perry, MBA

Jeff Perry is a leadership/career coach for engineers, building mindsets, leadership, and career intentions to unlock hidden potential and remove self-imposed roadblocks for career and life. For years, he has had the pleasure of supporting engineers and software pros, from new grads to director level. Having been on the front lines in the technical world, he has been able to map out the necessary skills for becoming a quality leader in the field.

You can connect with Jeff on LinkedIn at https://www.linkedin.com/in/jeffcperry/ or visit his website, https://morethan-engineering.com. Jeff also has a new, FREE, on-demand training course for engineers who are job searching or in job transitions. You can see it at https://engineeringcareeraccelerator.com.

Books Mentioned in This Episode

Investing in Patents: What Startup Investors Need To Know About Patents

investing in patents

Resources and Links Mentioned in This Session Include:

BlueIron
IP Insure
Connect with Russ Krajec on LinkedIn

This Episode Is Brought to You by ASME

ASME – the American Society of Mechanical Engineers – serves a wide-ranging engineering community through quality learning, the development of codes and standards, certifications, research, conferences, publications, government relations, and other forms of outreach. Becoming a member and joining the ASME community is the most important connection a current or future Mechanical Engineer can make. Don’t miss your chance to advance your career, enhance your professional network, and find your next ME opportunity, check out ASME on www.asme.org

We would love to hear any questions you might have or stories you might share about using patents as a financial instrument in your engineering career.

Please leave your comments, feedback, or questions in the section below.

  • If you enjoyed this post, please consider downloading our free list of 33 Productivity Routines of Top Engineering Executives. Click the button below to download.

    Download the Productivity Routines

To your success,

Jeff Perry, MBA
Host of The Engineering Career Coach Podcast

Related Posts

  • TECC 010: The Engineering Career Coach Podcast – Acing the Engineering Job Interview
  • TECC 003: The Engineering Career Coach Podcast – Overcoming Stagnation in Your Engineering Career
  • TECC 004: The Engineering Career Coach Podcast – Creating Opportunities in Your Engineering Career
  • TECC 64: Engineering Leadership with Pat Sweet – The Engineering Career Coach Podcast
  • TECC 002: The Engineering Career Coach Podcast – Getting on the Path to Your Dream Engineering Job

Filed Under: Business/Entrepreneurship, TECC Podcast-The Engineering Career Coach Podcast Tagged With: business standpoint, collateralize patents, create value, evaluate a patent, evaluate inventions, Financial Instrument, get a patent, Investing in Patents, learning from your mistakes, licensing, litigation, patent attorney, Patents in Engineering, product in the market, Russ Krajec, sell the patent, Using Patents, wishful thinking patents

Primary Sidebar

Subscribe To Our Newsletter

And Get Custom Content Delivered To You Weekly

PM Training

engineering management lessons

career readiness

Categories

  • AECT – AEC Engineering and Technology Podcast
  • Blog
    • Business Development
    • Business/Entrepreneurship
    • Career Goals and Challenges
    • Communication/Public Speaking
    • COVID19
    • Credentials
    • Enlightenment
    • Ethics & Integrity
    • Job Search/Salary/Relocation
    • Leadership/Management
    • Mentoring
    • Networking/Client Relations
    • News and Events
    • Organization/Productivity/Time Management
    • Personal Development and Professionalism
    • Program Management
    • Project Management
    • Travel
    • Work Life Balance
  • Civil Engineering
  • Engineering Career TV
  • Engineering Technology
  • TCEP-The Civil Engineering Podcast
    • Business Development
    • Business/Entrepreneurship
    • Career Goals and Challenges
    • Civil Engineering Entrepreneurs
    • Communication & Public Speaking
    • Credentials
    • Ethics/Integrity
    • Infrastructure
    • Job Search/Salary/Relocation
    • Leadership/Management
    • Mentoring
    • Project Management
    • Women in Engineering
  • TECC Podcast-The Engineering Career Coach Podcast
    • Business/Entrepreneurship
    • Career Game Changers
    • Career Goals and Challenges
    • Communication/Public Speaking
    • Credentials
    • Enlightenment
    • Job Search/Salary/Relocation
    • Leadership/Management
    • Mentoring
    • Networking/Client Relations
    • News and Events
    • Organization/Productivity/Time Management
    • Personal Development and Professionalism
    • Project Management
    • Work Life Balance
  • TEPM – The Engineering Project Management Podcast
  • TEQC – The Engineering Quality Control Podcast
  • TGEP – The Geotechnical Engineering Podcast
    • Tunneling Series
  • TSEC-The Structural Engineering Channel
  • TWiCE
  • Uncategorized
  • WIE – Women in Engineering Podcast
  • Women in Engineering
  • Youtube

TECC Sidebar Featured Final

ENGINEERING MANAGEMENT INSTITUTE

We Can Help You:

  • Build solutions to attract talented professionals.
  • Develop your staff’s people skills.
  • Create career roadmaps for your staff.
  • Provide PM training for your professionals.
  • Build custom development programs.
  • Scale sustainably.

Location:

50 E. Ridgewood Avenue #129

Ridgewood NJ, 07450

800-920-4007

Copyright © 2023 • All Rights Reserved • Property of Engineering Management Institute • Terms of Service • Privacy Policy

SPECIAL DOWNLOAD

33 Productivity Routines of
Top Engineering Executives

x