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US patent number 8,000,000 issued |
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"While all of these efforts point to our country’s commitment to innovation, perhaps no one event of the year tells that story better than the USPTO’s issuance of Patent No. 8,000,000—a sight restoration tool that gives the blind greater independence in their daily lives. It took 75 years to get from patent No. 1 to patent 1 million, yet just over five years to go from patent 7 million to 8 million. So beyond aiding the blind, this remarkable milestone is a testament to the enduring American spirit of innovation—a spirit that continues to unleash new breakthroughs, new markets and new economic opportunities." USPTO Director's Blog |
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76% of start-ups report investors consider patents |
USPTO Director’s Forum Blog
"The AIA also allows the USPTO to implement a fast-track examination option under which the patent examination process will be completed within 12 months. Getting a key patent can be critical to an entrepreneur hoping to raise capital and grow their business, with 76 percent of startups in the US reporting that venture capital investors consider patents when they make funding decisions. So with over 2,000 applications already submitted under the new acceleration program, many hundreds of office actions mailed and over 20 notices of allowance, businesses of all sizes are already leveraging the new tool to develop, grow and market their products and services with unprecedented swiftness, under the AIA."
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Patent Office to Consider New Locations |
The US patent office is looking for new locations and wants feedback before the end of January. According to a recent post at iptwatchdog.com, the United States Patent and Trademark Office (USPTO) is required to establish satellite offices under Section 23 of the America Invents Act (AIA). An initial satellite office is already planned to be established in Detroit. If resources do not dry up, the USPTO will establish at least two more satellite offices within the next few years. A posting in the Federal Register Notice offers more insight on the criteria the USPTO will use to select satellite locations:
(1) Increase outreach activities to better connect patent filers and innovators with the USPTO, including the number of patent filings and grants by the city/region as well as other information that provides insight into the region’s innovation activity;
(2) Enhance patent examiner retention, including quality of life indicators such as average household income, cost of living factors, and other factors related to employee retention;
(3) Improve recruitment of patent examiners, including data on employment rates and other economic factors in the area, science and technology professionals, as well as legal professionals in the workforce and other related information;
(4) Decrease the number of patent applications awaiting examination; and
(5) Improve the quality of patent examination.
Written comments should be sent to the USPTO before January 30, 2012. No public hearing will be held.
The opening of a Detroit office was delayed earlier this year when USPTO announced severe austerity measures. However, that office is now scheduled for opening later next year.
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Universities need to find new ways to market their patents |
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One of my Alma maters is the University of Minnesota, so I follow their technology transfer efforts in the local media and I attend their technology showcases. They recently had the heads of the top three tech transfer offices do a peer evaluation of their patent monetization efforts. It made the student newspaper, the Minnesota Daily.
Minnesota's patent licensing revenue is going to fall by about $90 million a year when an aids drug patents start to expire. This is large share of their licensing revenues. The challenge is how to get more revenue out of the faculty's disclosures without relying on the rare an unpredictable blockbuster drugs.
I have a few suggestions:
- Reach out to small to medium size enterprises. Right now the focus seems to be the Fortune 500. Build the database of technology scouts from these companies globally. Get on the radar of more CEO's and business owners.
- Add new distribution channels such as Yet2.com, the intellectual property web portal. Some universities are already listing their patents on Yet2.com. We post many of our listing on Yet2.com, saving our clients their hefty listing fee, as we are an affiliate broker. The portal aggregates shoppers. Get University IP in front of them.
- The largest and most successful distribution channel is the independent IP broker profession. Tap the creativity and connections of those marketing IP for industry. Unfortunately few universities incentivize independent brokers and licensing agents to market their patents. I think having 70% of something is worth a lot more than 100% of nothing. The fire hose of disclosures at universities is too big to adequately market even with the sales teams at the biggest universities.
- And many tech transfer offices have their salespeople also developing IP and servicing licensees and inventors. These roles soak up selling time. It’s hard to evaluate a tech transfer manager when they have a front-to-back job description. I think in such situations the manger does what he or she likes to do, which may not be prospecting.
U heads for ‘patent cliff’
Come 2013, royalties from the HIV drug Ziagen will trickle to zero.
http://www.mndaily.com/2011/10/06/u-heads-%E2%80%98patent-cliff%E2%80%99 |
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Valuation of patents in US is huge |
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According to the U.S. Patent and Trademark Office, intellectual property in this country is worth more than $5 trillion. That is a very large number by any account. Since patents disclose what their owners believeare useful and valuable innovations, it is useful to think of them as the "recipes" for progress and wealth generation. It may be easier to estimate the value of all patents combined than to do so for a single patent or portfolio. I am in the middle of doing a valuation for a technology patent right now. Conceptually it is straightforward, similar to valuing a rental house or commercial property. But in practice it is challenging because so few patent transactions are disclosed, unlike home prices which due to many legal reasons are disclosed. It is fun to dig into a specialized line of business and put this innovation in context.
Cheers!
Clyde Hanson, Managing Director
Venture Isles, LLC
The business-side of patents & innovation |
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