Think of some of the biggest crypto apps that come to mind.  How would you feel if I told you they operate like uninsured, unregulated banks?

The true essence of crypto as it was created was to decentralize and make transparent what was happening with your money.  Think of the biggest crypto app you know and ask your browser if that platform is centralized or decentralized.  If the answer is centralized,  the platform owns its customer funds.  Ever noticed when there is a big token sell-off, and you try to get on your crypto app, but there is a pop-up that says, ‘Sorry, we are having technical difficulties. Your funds are safe. Try again later.’? What is happening is that that app is trying to mitigate the sale of the token because that app is paying out of pocket to the customers when they cash out or sell their crypto tokens on that app.  How can you keep this from happening to you? The key is decentralization. The other key is a Non-custodial digital wallet.  Most people don’t know this, however. Decentralized means no central figure is holding your funds; each member's funds are on their device. 

Now think of centralized. A bank, for example, is centralized. A bank can hold your funds; yes, they are insured (to a certain amount), but the bank has all the authority over your money. They can freeze your accounts, for example.  Banks are regulated and insured, though. (Question to ponder: why would banks need to ensure their customer funds? They could go bankrupt.) 

Crypto was designed so there would be no central authority over your funds; YOU would truly own your money. Like gold in a safe, a non-custodial digital wallet that operates on a decentralized exchange is the true essence of why blockchain and crypto were created. To be the actual holder of your assets, you must TRULY own your funds.  Some HUGE crypto apps are operating like uninsured, unregulated banks!  Remember FTX? Customers who held their crypto on that platform lost everything because that platform was designed as a custodial digital wallet running on a centralized exchange. That meant that FTX was the REAL owner of their customers' crypto funds, passwords, seed phrases, everything. What happened with FTX can occur with anyone who has their funds in a custodial digital wallet/operating on a centralized exchange.  This type of app, custodial/centralized, allows its owners to manipulate and take some or all of your money at any time. Of course, governments are trying to figure out how to regulate and make their own money off of crypto right now, but until then, to be safe in the blockchain and crypto world, you need to do some research. 

Fortunately, there is a light at the end of the tunnel. Some applications ARE operating as crypto that were genuinely designed as decentralized noncustodial platforms. 

Here are a few questions to ask before downloading any crypto application:

1. Is this application operating as a non-custodial digital wallet platform?
2. Is this application operating on a decentralized platform?

Once you are clear that the application you want to download is a non-custodial digital wallet and you know how to invest on a decentralized exchange, then 

AT THAT POINT, YOU ARE SAFE TO START INVESTING. HOWEVER, YOU MUST KNOW HOW TO AVOID SCAM TOKENS.

Typically, you must download the noncustodial digital wallet and purchase some funds in the native token on the blockchain you will be investing in.  You must use a decentralized exchange to ‘trade and invest’ your cryptocurrency. Next, pull your funds back to your noncustodial wallet while at the same time knowing how to avoid scam tokens.  Seems like a lot. Imagine waking up one day with all your crypto funds gone, just like the FTX customers. If you want to make sure this doesn't happen to you, this is how you must invest in crypto right now to be sure you are safe. 

I will introduce you to the Global Investment Crypto Exchange or GIE Project.  This platform is an entirely non-custodial digital wallet with decentralized exchange capabilities and vets all tokens offered on its platform to ensure the GIE member is not investing in a scam token.

We have created an exclusive crypto platform: a decentralized cryptocurrency exchange and a non-custodial digital wallet.  A decentralized exchange and non-custodial digital wallet gives the member all the power.  As the GIE administrators, we cannot access our customer’s seed phrases, passwords, or digital wallets. Essentially, we do not have access to the GIE members' money.  The GIE member is the sole owner of their funds. 

GIE is SO MUCH MORE 

The members can be educated on the GIE app, as there is an educational section about crypto and blockchain technology. An academic area includes YouTube videos, web links, a crypto glossary, and a crypto news segment. GIE members can also suggest educational content AND ask questions via our mobile app. So, the GIE members can learn about their investments and invest wisely to make money on our platform while helping our local and global communities thrive.

GIE was designed to prioritize the best interests of its members and our global community. We are on a mission to build a cryptocurrency ecosystem that serves as a customer-centric exchange platform and an organization determined to leave a positive impact on this planet.

Leading by example, GIE donates a percentage of our transaction costs to support organizations,  help companies, and support people who give back to our global communities and our planet. We are committed to setting a new standard for philanthropic business practices with our nonprofit partners. On the GIE app, members can donate to any charitable partners in any cryptocurrency we offer.  GIE members can also suggest other nonprofit organizations for GIE to review as potential partners.

Imagine the Impact! If every small and large business in the world gave a small percentage of their profits to verified charitable organizations! We could change the world.  We could fund organizations that find cures for diseases, end world hunger, clean the oceans, clothe and educate people who need it, and save the rainforests, to mention a few endless possibilities. The possibilities are endless!

Also, unlike most non-custodial wallets, we offer onramp AND offramp solutions, which means customers can buy AND sell their crypto for cash on our application. Another technology we offer is swapping capabilities between 46 different tokens and sending and receiving options between our and other digital wallets.

On the home screen is a community feedback button where GIE members can suggest new features and components they would like us to add to our platform.

Also, we have patented our own AI technology. One is that it serves as a crypto knowledge base and helps GIE members navigate the application. And two more very innovative and exciting AI capabilities that we will showcase on our launch date. 

Check out our website

www.GIECrypto.com 

Coming soon as a mobile application, the Global Investment Crypto Exchange

Eager to learn how to protect your brilliant ideas with intellectual property rights?

Now, you might be wondering, what is intellectual property and why is it so important? Well, hold on tight, because we're about to unravel the mystery for you. You see, intellectual property refers to the legal rights granted to individuals or organizations for their inventions, artistic works, designs, or symbols. It's all about securing your unique ideas and creations, allowing you to control how they are used and preventing others from stealing or profiting from your hard work. Think of intellectual property as your knight in shining armor, protecting your innovation from being copied or stolen.

It's like having a secret recipe that only you can use, giving you a competitive edge in the market. In this blog post, we'll guide you through the process of understanding different types of intellectual property, the perks of protecting your invention, and the steps you can take to secure your intellectual property rights. We'll also touch on enforcing and managing intellectual property and the importance of international protection. So, if you're ready to embark on this intellectual property adventure, buckle up and keep on reading. By the end of this blog post, you'll have all the information you need to shield your inventions with the superhero powers of intellectual property rights.

Let's get started!

Understanding Intellectual Property Intellectual Property (IP) is a somewhat daunting term, but it basically refers to the legal rights that protect the creations of your mind. When it comes to inventions, it's crucial to understand what IP entails and how it can shield your brilliant idea from being copied or stolen. Let's delve into the world of intellectual property and demystify the different types of protection!

First off, we have patents. A patent is a form of IP protection that grants exclusive rights to inventors for their inventions. It allows them to prevent others from making, using, or selling their invention without permission. Patents are commonly used to safeguard technological breakthroughs and innovative processes. So, if you have come up with a unique invention, getting a patent can be a game-changer.

Moving on, trademarks are another significant aspect of intellectual property. Trademarks protect the branding elements of your invention. Think of recognizable logos, catchy business names, or distinctive symbols. It's about creating a unique identity for your invention that sets it apart from competitors. By registering a trademark, you're effectively putting a legal fence around your brand and preventing others from using similar marks that may cause confusion among customers.

Copyright is yet another form of IP protection, primarily covering creative works like music, literature, art, and software. It grants exclusive rights to the creators, allowing them to control the reproduction, distribution, and display of their works. So, if you invent a catchy jingle or write a captivating book, copyright protection ensures that no one can take credit for your creation without your consent. Lastly, we have trade secrets.

Unlike patents, trademarks, or copyrights, trade secrets protect valuable business information that provides a competitive advantage. This can include formulas, processes, customer lists, or manufacturing techniques that are kept confidential. Maintaining trade secrets often involves restrictive contracts and robust security measures to prevent unauthorized access or disclosure. By understanding these different types of intellectual property, you can better determine which ones are relevant to safeguarding your invention. Each form of protection serves a unique purpose, and in some cases, multiple types may be applicable.

So, the next time you come up with a groundbreaking invention, make sure you explore the world of intellectual property. It's not as intimidating as it seems. With the right knowledge and appropriate legal actions, you can protect your invention from being unfairly copied or stolen. Remember, your ideas deserve recognition and rewards, so don't hesitate to secure your place in the world of intellectual property!

Benefits of Intellectual Property Protection Intellectual property (IP) refers to creations of the mind, such as inventions, brands, artistic works, and trade secrets. These are valuable assets that deserve protection.

In this section, I want to highlight the benefits of protecting your invention with intellectual property rights. First and foremost, one of the key advantages of IP protection is exclusivity. When you have the proper IP rights, you are granted the sole ownership and control over your invention. This means you can prevent others from using, selling, or profiting from your creation without your permission.

Exclusivity gives you a competitive edge in the market and allows you to reap the rewards of your hard work. Additionally, IP protection provides a significant market advantage. With your invention safeguarded, you can confidently promote and market it, knowing that nobody else can simply duplicate or imitate it. This helps to establish your brand and build a loyal customer base. Customers will trust your product or service, knowing that it is unique and protected under IP laws. Financial rewards are also a major benefit of protecting your invention with IP rights. By securing a patent for your invention, you gain the ability to license or sell your IP to others. This can generate substantial income through royalties, licensing fees, or even a complete buyout.

IP protection ensures that you have the legal means to capitalize on your invention and profit from it. Another advantage of IP protection is that it encourages innovation. When inventors and creators know that their ideas will be protected, they are more motivated and willing to invest time, effort, and resources into developing new and groundbreaking concepts. This leads to a continuous cycle of innovation, benefiting society as a whole. Furthermore, IP protection helps in building trust and attracting investors. When you have registered IP rights, it demonstrates to potential investors that your invention is valuable and secure. They are more likely to invest in your idea or provide funding for further development.

IP acts as a form of intellectual capital that adds value to your business and makes it more attractive to investors. In conclusion, the benefits of intellectual property protection for your invention are many. Exclusivity, market advantage, financial rewards, encouragement of innovation, and attracting investors are just a few of the advantages. By protecting your intellectual property rights, you are safeguarding your creativity, hard work, and potential for success. So, if you have a brilliant invention, ensure you take the necessary steps to protect it with intellectual property rights.

Steps to Protect Your Invention:

So, you've come up with an amazing invention, and you want to ensure it remains yours and yours alone. Well, the key to that lies in protecting your intellectual property rights. In this section, I'll walk you through the steps to safeguard your invention and prevent others from capitalizing on your brilliance.

First and foremost, conducting thorough research is crucial. You need to ensure that your invention is unique and doesn't infringe on existing intellectual property. This means searching through patents, trademarks, copyrights, and trade secrets databases to see if something similar already exists. It's essential to have a clear understanding of the prior art in your field. Next, it's time to file a patent application. This is a complex process, and seeking professional assistance is highly recommended. A patent gives you the exclusive rights to your invention, preventing others from making, using, or selling it without your permission. Remember, timing is important when it comes to patents, so it's crucial to file your application as soon as possible to establish your priority.

Trademark and copyright registrations are also essential in protecting your invention. Trademarks safeguard your invention's brand, such as its name, logo, or slogan, while copyrights protect any creative elements, including designs, software, or written materials. By registering these, you gain legal protection and the ability to enforce your rights if someone tries to copy or use them without permission. Maintaining confidentiality is another vital step in protecting your invention. Keeping your invention a secret until it's protected can prevent others from stealing your idea before you have legally secured it. Utilize non-disclosure agreements (NDAs) when discussing your invention with potential investors, manufacturers, or partners. This can help ensure that your invention remains confidential during the development and patent application process.

Now, securing your intellectual property rights is only the first part. It's equally important to enforce and manage those rights effectively. Regularly monitor the market for any signs of infringement. Keeping an eye on competitors, conducting online searches, and utilizing professional monitoring services can help you identify any unauthorized use of your invention. Should you detect infringement, consult with an intellectual property attorney to discuss potential legal actions and remedies.

Lastly, let's briefly touch on international intellectual property protection. If you plan to take your invention global, it's crucial to consider international protection. Depending on your target markets, you may need to file for patents, trademarks, or other IP rights in various countries. Understanding the different international IP systems and requirements can be complex, so seeking professional advice is highly recommended to ensure proper protection. In conclusion, protecting your invention with intellectual property rights is vital to ensure its exclusivity, maintain market advantage, and potentially reap financial rewards. By conducting thorough research, filing patent applications, registering trademarks and copyrights, maintaining confidentiality, enforcing your rights, and considering international protection, you can safeguard your invention from unauthorized use or copying.

So don't overlook the significance of intellectual property protection – it's your pathway to preserving the value of your hard work and ingenuity.Enforcing and Managing Intellectual Property Protecting your invention with intellectual property rights is just the first step. Once you have obtained those rights, it's crucial to enforce and manage them effectively. In this section, we will discuss some tips and strategies for safeguarding your intellectual property (IP) and taking action when infringement occurs.

1. Stay Vigilant: It's essential to continuously monitor the market for any potential infringement of your IP rights. Keep an eye on competitors, industry trends, and online platforms where your invention may be featured. Regularly search for similar products or services that may pose a threat to your IP.

2. Cease and Desist Letters: When you detect potential infringement, it's often wise to start with a cease and desist letter. This is a formal notification to the infringing party, informing them of the violation and demanding that they stop using or selling your invention. A well-drafted cease and desist letter can be an effective way to resolve the issue without resorting to litigation.

3. Legal Action: In some cases, issuing a cease and desist letter may not be enough, or the infringing party may ignore your demands. In such situations, you may need to escalate the matter by taking legal action. Consult with an intellectual property attorney who specializes in infringement cases. They can guide you through the legal process and help you seek appropriate remedies, such as injunctions or monetary damages.

4. Licensing and Royalties: Another way to enforce your IP rights is through licensing agreements. By granting a license, you allow others to use your invention while ensuring they adhere to certain conditions and pay royalties or licensing fees. Licensing can be a mutually beneficial arrangement, as it allows you to generate revenue from your IP while expanding its reach in the market.

5. Regular IP Audits: Conduct regular audits to evaluate the effectiveness of your IP management strategies. Review your IP portfolio, update records, and assess any changes in your business or the marketplace that may impact your IP rights. Regular audits help identify any potential weaknesses or vulnerabilities in your IP protection and allow you to take proactive measures to address them.

6. International Protection: If you plan to expand your invention's market globally, consider seeking international IP protection. Intellectual property laws vary from country to country, so obtaining patents, trademarks, or copyrights in each relevant jurisdiction can offer significant protection against infringement on a broader scale. Remember that protecting and enforcing your IP rights requires ongoing effort and attention. It's crucial to stay informed about changes in intellectual property laws and adapt your strategies accordingly. By effectively managing and enforcing your intellectual property, you can safeguard your invention and reap the benefits of your creativity and innovation.

International Intellectual Property Protection

So, you've come up with a brilliant invention. You've put in countless hours of hard work, brainstorming, and refining your idea. Now, you're ready to take the next step and protect your creation with intellectual property rights. But what about international protection? In this section, we'll briefly discuss the significance of safeguarding your invention on a global scale. In today's interconnected world, ideas and innovations can easily reach international markets. Without international intellectual property protection, your invention could be vulnerable to unauthorized copying, counterfeiting, and infringement. It's crucial to understand that your patent, trademark, or copyright registered in one country may not automatically be protected in another.

So, how can you ensure your invention is safeguarded internationally?

Let's take a look at some available options. Firstly, one effective method is to file for intellectual property protection in each country where you plan to market or manufacture your invention. This can be a lengthy and complex process, as requirements and procedures may vary from country to country. It's essential to consult with intellectual property professionals who specialize in international protection to navigate through this journey smoothly. Another option is to utilize international treaties and agreements that provide a more streamlined approach to seeking global protection. For instance, the Patent Cooperation Treaty (PCT) allows applicants to file a single international patent application and designate multiple countries. The Madrid Protocol offers a similar framework for international trademark registration. These mechanisms can simplify the process and potentially save you time and resources.

However, it's important to note that even with these treaties, the process may still involve individual examination and registration in each country of interest. Additionally, not all countries are signatories to all international agreements, so it's crucial to research and determine which countries are vital for your invention's success. One key aspect of international intellectual property protection is enforcing your rights. Monitoring for potential infringement globally can be challenging, but it's necessary to identify and address any unauthorized use of your invention. If infringement is detected, legal actions can be pursued in the respective country's legal system or through international trade dispute mechanisms.

To sum up, international intellectual property protection is crucial in today's global marketplace. Make sure you explore the available options and consult with experts to ensure your invention is adequately safeguarded beyond borders. Remember, it's not just about protecting your invention; it's about ensuring that you have the exclusive rights and opportunities to reap the full benefits of your hard work and innovation.

So there you have it! We've covered the ins and outs of protecting your invention with intellectual property rights. It's clear that safeguarding your creations is vital in today's competitive world. By securing patents, trademarks, copyrights, and trade secrets, you can gain exclusivity, a distinct market advantage, and even financial rewards.

Remember, the first step is to conduct thorough research to ensure your invention is unique and doesn't infringe on existing intellectual property. Then, filing a patent application is crucial for inventions that qualify.

Don't hesitate to seek professional assistance throughout the process, as it can be complex. Additionally, registering trademarks and copyrights will protect the branding and creative elements of your invention. Maintaining confidentiality is equally important, as you don't want your brilliant idea to be stolen before it's fully protected. Once your intellectual property is secured, don't forget to enforce and manage your rights. Keep a watchful eye for any signs of infringement and be ready to take legal action if needed. It's essential to stay proactive in defending your intellectual property. Furthermore, if you plan on expanding your invention internationally, consider exploring international intellectual property protection options. Protecting your rights across borders is crucial to maintain your competitive edge in the global marketplace.

To wrap it up, intellectual property rights are not something to be taken lightly. They are your armor in the battle of innovation. By following the steps we've discussed, you can ensure that your invention remains protected, giving you the peace of mind to continue creating and thriving. So, go ahead and unleash your creativity! Protect your invention with intellectual property rights and let your brilliance shine while keeping your competitors at bay. Remember, your invention deserves the best protection available. Good luck on your journey to inventing the future!

The Inventive Journey Episode #570 Vision and Flexibility: Keys to Success w/ Eric Watkins What This Episode Talks About: How To Manage Business & Self I would suggest prioritizing a clear understanding of your ultimate objectives and holding steadfast to that vision and goal. At the same time, remain adaptable in your approach to achieving them. Often, when facing challenges during periods of growth, like moving from 2 million to 3 million or from 4 million to 5 million, it's easy to get caught up in the daily firefighting and immediate concerns. It's crucial to avoid getting too myopically focused on the present and instead maintain a long-term vision, a "North Star," that outlines what you want your business to become over the next year or 18 months. This guidance is valuable whether you have a leadership team or if you're a small operation with just a handful of employees.   Join Us!  Apply to be on the show! We accept entrepreneurs of all backgrounds. Click to learn more!     Listen To More! Listen to hundreds of entrepreneurs share their wisdom. Click to start listening!     What Is The Inventive Journey? Starting and growing a business is a journey. On The Inventive Journey, your host, Devin Miller walks with startups along their different journeys startups take to success (or failure). You also get to hear from featured guests, such as venture firms and angel investors, that provide insight on the paths to a successful inventive journey. ai generated transcription a hundred thousand percent in to this business there this is not a side hustle this is a full-time day and night even while we dream type of job uh that's what my dreams consist of today is uh dreaming about zen and so the one thing i would say to entrepreneurs who are looking to start a business if you believe in yourself go all in you know take the risk there's no body better to bet on than yourselves uh if you're in the stock market you're investing in stocks those prices are going up and down you have zero control over those companies and what happens to your wealth if you believe in yourself go all in uh work your tail off and you know a lot of bad things are going to happen along the way a lot of mistakes are going to be made learn from those mistakes but uh you know just continue to work hard and keep moving the ball forward every day little incremental movements forward will definitely add up and eventually you'll get that hockey stick curve that everybody dreams about [Music] hey everyone this is devin miller here with another episode of the inventive journey i'm your host devon miller the serial entrepreneur that's grown several startups into seven and eight figure businesses as well as the founder and ceo of miller ip law where he helps startups and small businesses with their patents and trademarks if you ever need help with yours just go to strategymeeting.com grab some time with us to chat we're always here to help now today we have another great guest on the podcast asim khan and uh sim um with there is a quick intro um him and his brother are immigrants originally from pakistan um his parents came to the u.s to uh for additional or to for additional opportunities um grew up uh grew up humbly or in his words poor or humbly and parents were two or three jobs growing up went to high school played sports and then went to college and went to the same schools his older brother did um got a finance or both of them got i think both him and his brother got finance degrees uh worked as investment bankers more fulfilled in the job or in the job so him and his brother i decided they wanted to uh or wanted to work together and do something else and so got into the health and wellness business and i started something with this brother so with that much as an introduction welcome on the podcast to sim hey devon thanks uh for having me on good to see you again and looking forward to this podcast hey i'm excited to have you on and have a good conversation so i just took a much longer journey condensed into the 30-second version so let's unpack that a bit and tell me a little bit about how you uh your journey got started uh with your uh migrating from pakistan yeah no i appreciate that i'm uh i'm honored to be a guest on your show so just a quick backdrop we are immigrants as you mentioned from pakistan uh moved to the states in 1984 uh suburbs of chicago we came here for the same reasons every other immigrant comes to this great country with this is the best land of opportunity out there and we've been thankful uh we came from humble background and uh you know have been able to become successful along the way so uh just work hard and uh went to school uh at marquette university um here in milwaukee we're headquartered out of here as well now so now you and just to kind of or back up a little bit so you guys came makes sense coming to the us looking for additional opportunities and then he also mentioned uh beforehand or but when we chatted a bit before the podcast um that you know you grew up humble beginnings your parents are working you know two or three jobs but it provided a bit of an opportunity so you went to high school and played sports but then as you were coming out of high school you both you and your brother went to college is that right correct so um yeah just backing up uh we we did go to high school together he was a year older than me and then i actually followed him to marquette university up here in milwaukee and uh he was doing accounting and finance so i figured i'd do accounting and finance so uh after college we uh then went on to do the wall street stuff uh he went and did investment banking at merrill lynch i actually went and did investment banking at merrill lynch and for a while we lived together in chicago then he moved out to san francisco i moved one real quick question before you get too far in just because i had a question maybe backing back up to college so maybe i'm oversimplifying it but it sounds like it was basically as simple as my brother went to college here i'm gonna go to college here my brother got this degree i'm gonna go get this degree as well and it wasn't as simple as hey i look up to my brother and whatever he's doing has got to be a good decision was a bit more in depth of that or i just you know it was interesting that you went to the same schools you got the same degrees what was the the motivation there yeah i don't know if you've seen that movie with uh drew carrick uh what's his name uh yes man yes man i'm blanking on his name but uh anyways i i actually started out at a different university in uh pittsburgh called carnegie mellon uh where i had a full scholarship for computer engineering and uh that's what i thought i was gonna be because uh when you're an immigrant from pakistan there's two expectations either you become a doctor or an engineer and i didn't like the medicine side of things i guess i wasn't good enough for that but i was really good at physics and math and engineering type of stuff and so i tried my shot at that but then quickly realized that i wasn't going to be a good fit so i took a semester off then i went to a community college for another semester and by that time my brother was a junior at marquette and i was uh going to be a sophomore so i didn't want to stay in a community college in the chicago suburbs so i figured why not just move up here so i do have a lot of respect for him i do think very highly of his decision making and so that definitely did play a part in uh to my decision to ultimately end up at marquette university and then i did accounting advice at least to the creditor a bit of the background you did say okay i am going to go to a different university i tried that so it wasn't simply just following in your shoe sets but after you try and tried that you're saying hey we're a lot more alike and i'm going to go down the path that he's enjoying because it looks like i'd enjoy that too is that about right right right i wanted to get into business and he was doing accounting and seemed very practical and mechanical in some ways uh you know just logical numbers i like numbers so that was the reason i went into accounting i've never actually used accounting in my career other than you know uh just from an observer saying i was never a cpa so okay so it makes sense so now okay now kind of continuing on with the story so now you both you and your brother you've got the finance degrees you're coming out of college and then how did you guys kind of decide where you were going to work or what the next step of your journey was right so you know part of coming over to the states was to get good jobs build a good career start families and finance careers have you know a lot of money associated with them and so investment banking was the big thing at the time still is today i'm guessing and uh it was more fun more interesting than going to be a public accountant not that there's anything wrong with public accountant my personality just wasn't suited for that neither was my brother so we tried our hand at investment banking worked incredibly long hours slept a lot of times under the desk you know at the office and a lot of face time as well uh you know putting together pitch books and then going to presentations etc so i did that for two years my brother did that for four years out in san francisco and then i went into the startup world myself uh in the uh early 2000s i i was involved in two software companies uh back to back neither of them worked out and that's why still working my ass off no i think that that makes sense and so and i think you know one of the things you'd hit on with uh i can't er with the job is that you went into investment banking and you know i hear that a lot from you know friends and other people that i know the industry which is a lot of hours long work high burn out hard you know job satisfaction super competitive and you're looking to say okay while it may pay well or maybe you know a good opportunity from the outside it's not what you necessarily want to do or it's not fulfilling and it's not what you're saying hey i don't want to do this forever and so as you guys because you're kind of coming to this realization saying okay not getting the fulfillment here it made you know all these long hours a lot you know their work days and you know it burnout and everything else is not what i want for long term and no i don't think anybody would or very few people would and so as you're trying to decide okay now you're hitting the the pause button so to speak on that so how did you get you and i think both you and your brother kind of had this at similar periods of time but how did you decide what you're going to do next or if you're not not going to work for the investment banking what you where you're going to focus on right so for myself i went from investment banking into the tech startup world for a couple years and then i went into private equity after that so prior to starting um zen with my brother i spent 15 years in an uh private equity firm it was a total of two billion under management i was one of the partners uh again i was not fulfilled my brother on the other hand did investment banking for most of his career and then he did have a stint starting a hedge fund out in denver and we ended up in wisconsin our wives are from here our family's here now and so that's how we boomerang back boomerang back into uh this nice community they say okay i'm gonna boomerang back and so now you you and your brother you went out did a few startups you tried a few different things you worked for you know or a little bit more of managing funds and kind of getting into a different area you know how did that you know bit bringing it full circle or kind of up to where you're at today and i think we talked a bit before something you wanted to do was get to do something in health and wellness and start a business there so how did you kind of make that transition or what prompted that and how did you kind of get into that area yeah no i think that's a great question so we had been talking about doing something together for about three to five years prior to actually getting into this fun venture i would say that for us to actually make the transition from making decent money to betting on ourselves at the end of the day that was based on an aha moment and uh we're very blessed we were traveling back to pakistan with our parents and our father he's 80 some years old he's a diabetic and as you may know diabetics from time to time get neuropathy which is severe inflammation and pain and extremities so hands feet joints etc and after a very long you know journey back home to visit family our father experienced a very severe episode of neuropathy while we were at our aunt's house it's his younger sister who we were staying with at the time and she did what a typical pakistani or an indian or a south asian in that part of the world would do which is to take turmeric and she ground it into a powder blended it with olive oil made a gritty kind of nasty disgusting looking paste it's in our language it's called hold the haldi and uh we actually used it extensively while we were playing sports to recover from injuries so it wasn't anything new it was just timing and uh by chance that that happened to our father and so after she applied the gritty pace to his foot where the inflammation and pain was uh within an hour his pain was completely gone and you know that was the aha moment that started this fun little journey uh they were in year five of and at that point we saw you know his pain go away using nature excuse me and my brother and i had been talking about getting together and doing business startup uh particularly focused on health and wellness and so we started researching turmeric so when we got back uh so this was december of 2016. we went full force into researching the science of turmeric and if i may briefly turmeric is uh about the length of a finger it's uh cousin of the ginger root there's over 300 different ingredients in the turmeric root itself potassium zinc iron etc but the main compound that's responsible for its anti-inflammatory power which makes it a superfood if you will is this little compound called curcumin and so all of the studies the medical and the academic research studies were pointing to this compound curcumin so we went full on into researching curcumin today there's close to 60 000 scientific and medical research studies globally on curcumin's anti-inflammatory and immunity boosting properties since covid started research has increased dramatically into covid's immunity boosting properties and so uh for the first seven eight months after we returned from pakistan our focus was exclusively on the science of turmeric one other important point curcumin is has low bioavailability which means it doesn't absorb as readily into your bloodstream so you could consume the equivalent of the turmeric roots that are in our beverage which is about 15 turmeric roots worth of health benefits and still not feel the impact because that curcumin is going through your system so we figured out a way to supercharge the absorption by taking the curcumin and combining it with the black pepper extract uh to make it absorbable into your system it actually increases absorption by two thousand percent i say okay you know there's merits to tumeric it has some you actual health and my brother have always wanted to get into this do a business together and explore that so now you know catching us up a bit toward today where's the business out of you guys started it are you doing this full-time is it a side hustle you're still building it or kind of where does that bring it out today or as you guys have wanted to explore that and get this up to speed kind of where's the business at sure so i'll step back just one more time uh so we knew turmeric was becoming popular it was a quote-unquote newer trendy ingredient in the west it's been uh trending for 5000 years in our part of the world we saw a bunch of other turmeric products out there we looked at those products and figured out that there isn't enough turmeric or enough uh binding agent to make it absorbable so most of what was turmeric out there in terms of food and beverage products was just a hodgepodge of you know marketing and we wanted to do the real thing so in terms of why we decided to get into this we didn't want to get into another uh crowded market like a kombucha or energy drink we we we went from a finance industry to the hardest thing that we could possibly imagine which is marketing to consumers uh you know and uh we wanted to do a white space we wanted to get into a white space where nobody was at and so there weren't at the time any curcumin infused you know food and beverage products there were supplements curcumin supplements have existed for decades but there was no non-gmo project verified curcumin infused beverage or drink mix powder or anything else and we said okay no one knows about this space but people are learning more and more about turmeric and this is where we're going to focus so in january of 2018 after doing all the research sourcing lab testing you know developing the brand and marketing strategy et cetera we launched we had our first sale i think that first uh you know 40 dollar bill or 220 220s that we got from our first sale in cash is sitting somewhere around our offices uh as a you know uh token to what we started and so today we're in over 6 000 retail stores where nationwide uh we have mass concentration on the east coast uh in the midwest and uh to some extent the south we're expanding westward we're in uh you know a good amount of the professional and collegiate sports programs whether it's football basketball hockey et cetera we work with a number of athletes where in all the u.s military bases globally in their commissaries we are actually a dietitian approved uh item food item in those commissaries by deca that's the agency that's responsible for those commentaries and then we have come out with a second product which is a powder version of our drinks uh it actually includes zinc in addition to the vitamin c vitamin d curcumin and pipe brine and it has electrolytes so there aren't any other products like what we have in the market today and we're looking to continuously expand distribution expand our direct to consumer business and then uh our goal is to launch one to two new products per year based on curcumin and pipeline sounds like an awesome you know uptick and i've been able to get into a lot of stores and hit it hard and find a lot of success so that's definitely exciting for you guys and so now as we've kind of reached the present point of your journey and kind of where you're at today always a great time to transition to the two questions i always ask at the end of each episode so we'll jump to those now so the first question i always ask is along your journey what was the worst business decision you ever made and what'd you learn from it yeah i think uh i don't know if it was the worst business decision but in hindsight we would have done things differently it was to start out with a heavy product like a beverage each bottle weighs roughly a pound a case of uh you know our drinks weighs about 15 pounds and it's hard to build a direct to consumer business and then also all the costs associated with trucking logistics uh perhaps uh you know other types of things that may go awry it's more costly of a business than let's say a powder business or the future products that we'll come out with but what it does do is it provides a banner and retail so you have a bottle that's uh you know almost 10 inches tall or nine inches tall that's sitting on a cooler shelf and your logo is ever present your brand is ever present in retail so it's another call it a billboard uh advertising and so we look at it both as a marketing investment as well as a hopefully a profit center down the road oh definitely makes sense and uh you know it's a good lesson to learn and here it sounds like a a good mistake to learn from so now second question um if you're talking to somebody that's just getting into a startup or a small business would be the one piece of advice you give them yeah i would say like us this is uh also answering one of your earlier questions we're uh 100 000 in to this business there this is not a side hustle this is a full-time day and night even while we dream type of job uh that's what my dreams consist of today is uh dreaming about zen and so the one thing i would say to entrepreneurs who are looking to start a business if you believe in yourself go all in you know take the risk there there's no body better to bet on than yourselves uh if you're in the stock market you're investing in stocks those prices are going up and down you have zero control over those companies and what happens to your wealth if you believe in yourself go all in uh work your tail off and you know a lot of bad things are going to happen along the way a lot of mistakes are going to be made learn from those mistakes but uh you know just continue to work hard and keep moving the ball forward every day little incremental uh movements forward will definitely add up and eventually you'll get that hockey stick curve that everybody dreams about i and i like that and i think that there's you know i like i dreamt that it's not just hey you start a business and it's going to be a hockey stick out of the the shooter there is a lot of time sweat blood and tears and those type of things and it's also effort you know the that's why it's always interesting to hear the journey because everybody just see wants to see the hockey stick at the end they don't see hey we went through multiple or different paths we went into different jobs we had burnout we had things we weren't fulfilled took us a while to land on the idea even once we had the idea we had to get through to get into different stores we had to you know be able to figure out the market and whether you know what make the mistakes all that goes into the hopefully the hockey stick at the end but there's that whole journey before and so i think that having that desire to go all in but then also having the understanding even with all of that it's going to take a period of time it's definitely a great uh take away well as p as we wrap up but people want to reach out to you they want to be a customer they want to be a client they want to be an employee they want to be an investor they want to be your next best friend any or all of the above what's the best way to reach out to you contact you or find out more yeah so um people can learn more about uh us at www.drink d-r-i-n-k zen z as in zebra why is in yellow and is in nancy.com or they could email us at marketing drinks in dot com or at revive like you revive and rejuvenate so r-e-v-i-v-e drinks in dot com and our rest of the contact information our phone number is on our website as well awesome well i definitely encourage people to check out the website uh check out the health benefits and then support a great business and with that thank you again for coming on the podcast it's been a fun it's been a pleasure now for all of you the listeners if you have your own journey to tell and you'd like to be a guest on the podcast we'd love to have you so let's go to inventiveguest.com apply to be on the show a couple more things as listeners make sure to click subscribe share leave us a review because i want to make sure everyone finds out about all these awesome journeys and last but not least if you ever need help with your patents your trademarks or anything else with your business go to strategymeeting.com grab some time with the chat thank you sim for coming on and wish the next leg of your journey even better than the last thanks devin likewise nice meeting you

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Introduction

Hey there! Are you an inventor with a groundbreaking idea? Well, let me tell you something important - hiring a patent attorney for your invention could be a game-changer. Don't worry if you're not familiar with the term yet; I'm here to break it down for you and shed some light on why it's crucial to have a patent attorney on board.

So, what exactly is a patent attorney? Simply put, a patent attorney is a legal professional who specializes in the intricacies of patent law. They are trained to handle all aspects of the patent process, from filing the application to protecting your invention from potential infringements. Trust me, these guys are the real deal when it comes to safeguarding your intellectual property.

Now, you might be wondering, why should you bother hiring a patent attorney for your invention? Well, buckle up because I'm about to reveal some eye-opening insights. In a nutshell, patent attorneys bring a unique set of skills and expertise that can make a world of difference for inventors like you. Let me give you a sneak peek into what we’ll be discussing in this article.

First off, we'll dive into the complexity of the patent process. Believe me, it's no walk in the park. There are different types of patents, various requirements, and a daunting series of steps you need to navigate. It's like solving a puzzle with countless pieces, and a patent attorney can help you put them all together.

Next up, we'll explore the expertise of patent attorneys in patent law. These professionals are well-versed in the legalities surrounding patents and can guide you through the complex maze of rules and regulations. Their specialized knowledge can be a saving grace when it comes to understanding patent laws and avoiding any potential pitfalls.

Then, we'll discuss how a patent attorney can maximize your patent protection. You see, it's not just about getting a patent; it's about getting the strongest and most comprehensive patent possible. A patent attorney can conduct thorough research and analysis to ensure your invention is adequately protected. They'll also help you draft a solid patent application, leaving no room for loopholes that could jeopardize your rights.

Now, let's talk about the costly mistakes that inventors often make without the guidance of a patent attorney. Believe me, these blunders can lead to nightmares. Losing your patent rights or facing financial setbacks due to avoidable errors is the last thing you want. I'll share some examples and case studies that will make you realize the true significance of having a patent attorney by your side.

But that's not all! We'll also explore how patent attorneys can help you in patent infringement cases. Unfortunately, infringement can happen, and you need to be prepared. A patent attorney can be your knight in shining armor, defending your rights and ensuring that justice is served.

Finally, we'll wrap up with a recap of why hiring a patent attorney is absolutely crucial for inventors like you. I'll leave you with some encouraging words to seek professional legal assistance and remind you of the countless benefits of working with a patent attorney.

So, are you ready to take your invention game to the next level? Get ready to discover the power of having a patent attorney on your side. Let's dive in!1. Understanding the Patent Process

So, you've come up with a brilliant invention, something that nobody else has thought of before. You're excited and eager to protect your idea and reap the rewards of your hard work. Well, my friend, that's where a patent comes into play. But here's the thing - the patent process can be quite complex and overwhelming if you don't have the proper knowledge or guidance.

First things first, let's understand what a patent actually is. A patent is a legal document that grants exclusive rights to an inventor for their invention. It ensures that no one else can copy, use, or sell your invention without your permission. Pretty cool, right?

Now, there are different types of patents depending on what you've invented. You've got utility patents, which cover new and useful processes, machines, compositions of matter, and improvements thereof. Then there are design patents, which protect the ornamental design or appearance of a product. And finally, we have plant patents, which are for inventing or discovering and asexually reproducing any distinct and new variety of plant.

The patent process involves several steps, including researching prior art (existing similar inventions) to determine if your idea is truly novel, preparing a detailed patent application, filing the application with the appropriate patent office, and going through the examination process. It's a lot to handle if you're not familiar with it.

This is where hiring a patent attorney becomes incredibly important. They are experts in patent law and can guide you through each step of the process. They have the specialized knowledge and experience to navigate the legal complexities and ensure that your invention is protected to the fullest extent possible.

Imagine trying to navigate the patent process on your own. It's like trying to find your way through a dense jungle without a map or a guide. You might miss crucial steps, make costly mistakes, or even give up out of frustration. A patent attorney acts as your compass, guiding you through the entire journey.

They will help you understand the requirements for obtaining a patent, explain any potential roadblocks or limitations, and assist with drafting a strong patent application. With their expertise, they can help you maximize your chances of successfully obtaining a patent and protect your invention from infringement.

Not only that, but a patent attorney can also provide valuable advice and guidance on patent strategies and portfolio management. They can conduct thorough patent research and analysis to ensure that your invention is truly unique and doesn't infringe on any existing patents.

Remember, the patent process isn't just about getting a document that says you have a patent. It's about safeguarding your invention, your hard work, and your potential future profits. To do that, you need someone who knows the ins and outs of the patent system and can advocate for you.

So, if you've got an invention that you believe in, don't hesitate to hire a patent attorney. They are your greatest ally in protecting your invention and ensuring that you can fully capitalize on your innovative ideas. It's a small investment that can make a world of difference in the long run.

Stay tuned for the next section, where we'll delve into the expertise of patent attorneys and why their specialized knowledge is crucial for inventors like you.2. Expertise in Patent Law

When it comes to protecting your invention, it's not just about coming up with a great idea. There are legal aspects involved in the process that can be quite complex and overwhelming. That's where a patent attorney comes in. These professionals have specialized knowledge and expertise in patent law, making them invaluable allies for inventors like you.

You might be wondering, "Why do I need a patent attorney? Can't I navigate the process on my own?" While it's true that you can technically file a patent application yourself, it's important to understand that patent law is a highly specialized field. There are intricate regulations, procedures, and nuances that can easily trip up an inexperienced inventor.

Patent attorneys, on the other hand, have spent years studying and practicing patent law. They understand the ins and outs of the system and can guide you through the entire patent process. From understanding the patentability requirements to drafting a strong and enforceable patent application, they'll help ensure you're on the right path. Their expertise can be particularly crucial when it comes to navigating any legal complexities that may arise during the process.

Let's consider a scenario where you invented a revolutionary new product, and you're excited to bring it to market. Without the guidance of a patent attorney, you might overlook crucial steps or make mistakes that could jeopardize your chances of obtaining a patent. This could mean someone else swooping in and snatching your idea, or worse, facing costly legal battles down the line.

With a patent attorney by your side, you can have peace of mind knowing that every aspect of the patent process is being handled by a professional. They can analyze prior art, research existing patents, and ensure your invention meets the novelty and non-obviousness requirements. They'll work closely with you to understand your invention inside out and effectively articulate its uniqueness in your patent application.

Moreover, patent attorneys can help strategize the scope of your patent protection. They'll assist in determining whether a utility, design, or plant patent is most appropriate for your invention. By carefully crafting the patent claims, they'll ensure you have the broadest possible protection while avoiding any unnecessary limitations.

In the event that your invention faces a patent dispute or infringement, having a patent attorney on your side becomes even more crucial. They have the expertise to protect your rights and represent you in any infringement litigation. Their understanding of patent law will be invaluable in building a strong defense against anyone trying to steal or copy your invention.

In conclusion, the importance of hiring a patent attorney for inventors cannot be overstated. From navigating the intricacies of the patent process to maximizing patent protection and avoiding costly mistakes, their expertise is invaluable. So, when it comes to safeguarding your invention and ensuring its success, don't hesitate to seek the guidance and assistance of a qualified patent attorney. Your invention deserves the best legal protection, and a patent attorney can provide just that.Title: Maximizing Patent Protection: Why Hiring a Patent Attorney Is Essential

Are you an inventor with a groundbreaking idea or invention? Have you ever wondered how you can protect your invention and ensure that no one else steals your hard work? Well, you've come to the right place! In this article, we'll discuss the importance of hiring a patent attorney to maximize patent protection for your invention.

When it comes to obtaining a patent, the process can be quite complex and daunting. That's where a patent attorney comes in. These legal professionals specialize in patent law and have the expertise to guide you through the entire process. They understand the intricacies of the law, the requirements for obtaining a patent, and the steps involved.

One of the key reasons why hiring a patent attorney is crucial is their expertise in patent law. They have spent years studying and practicing in this field, which gives them an edge in navigating the legal complexities surrounding patents. Whether it's conducting thorough patent research, analyzing existing patents, or drafting strong patent applications, a patent attorney can provide invaluable guidance.

Maximizing patent protection is of utmost importance for inventors. By working with a patent attorney, you can ensure that your invention is thoroughly researched and analyzed to determine its patentability. These professionals have access to databases and resources that can help identify any existing patents or inventions that may pose a challenge to your patent application.

Drafting a strong patent application is crucial for securing patent protection. Patent attorneys have the knowledge and experience to help you craft a comprehensive and robust application that meets all the legal requirements. They can help you accurately describe your invention, define its unique features, and ensure that your patent claims are clear and precise. This attention to detail can make a significant difference in the strength and enforceability of your patent.

Another aspect where patent attorneys excel is in avoiding costly mistakes. Without proper legal guidance, inventors often make common mistakes that can jeopardize their patent rights. From unintentional disclosure of the invention to missing important deadlines, these mistakes can lead to significant setbacks and even loss of patent protection. By working with a patent attorney, you can minimize the risk of making such mistakes and protect your invention legally.

In the unfortunate event of patent infringement, having a patent attorney by your side can be a game-changer. If someone infringes on your patent rights, your attorney can take the necessary legal actions on your behalf. They can help enforce your patent, initiate infringement litigation, and work towards a resolution that protects your rights and interests.

In conclusion, hiring a patent attorney is a wise investment for any inventor. They possess the expertise and knowledge needed to guide you through the complexity of the patent process. From maximizing patent protection and avoiding costly mistakes to defending your rights in infringement cases, these legal professionals play a vital role in safeguarding your inventions.

So, if you have a brilliant idea or invention, don't hesitate to seek professional legal assistance. A patent attorney can make a world of difference in securing and protecting your invention, providing you with peace of mind and the confidence to pursue your innovative dreams. Remember, your invention deserves the best legal protection possible, and a patent attorney is your key to achieving just that!4. Avoiding Costly Mistakes

If you're an inventor and you've come up with a brilliant idea or invention, it's crucial to protect your intellectual property with a patent. However, navigating the patent process can be complex and challenging. That's where a patent attorney comes in to save the day! Hiring a patent attorney can make all the difference in ensuring your invention is properly protected and avoiding costly mistakes that could jeopardize your patent rights.

Let's face it, patent law is no walk in the park. It's a highly specialized field that requires extensive knowledge and expertise. Patent attorneys spend years studying and practicing patent law, making them the perfect guides through the intricate legal landscape. They understand the nuances and complexities involved in obtaining a patent, and they can help you navigate through all the legal jargon and technicalities.

One of the most valuable services a patent attorney provides is helping you maximize patent protection. They can assist you with patent research and analysis, ensuring that your invention is unique and meets all the necessary requirements for patentability. They'll help you draft a strong patent application, taking into account all the intricacies and technical details that could make or break your patent. With their expertise, they can help you secure the broadest possible patent protection for your invention.

Without the guidance of a patent attorney, many inventors make costly mistakes that can lead to the loss of valuable patent rights. These mistakes can come in various forms, from missing important deadlines to improperly describing your invention or failing to disclose all relevant information. Such errors can result in your patent application being rejected or, worse, your patent being invalidated in the future. Trust me, you don't want all your hard work and creativity to go to waste due to avoidable mistakes!

To emphasize the importance of hiring a patent attorney, let's take a look at a few real-life examples. Imagine you invented a groundbreaking technology and decided to go through the patent process without the help of an attorney. You might unknowingly infringe on existing patents, leading to a costly and time-consuming legal battle. Alternatively, improper patent drafting might leave loopholes that competitors can exploit, hindering your ability to fully monetize your invention. These scenarios can quickly turn your dream into a nightmare.

By partnering with a patent attorney, you not only bolster your chances of securing a patent but also gain a strong defense against potential patent infringement. In case someone copies or steals your invention, your attorney will have your back, ensuring your rights are protected. They can represent you in infringement litigation, fight for your patent rights, and potentially secure compensation for any damages caused by infringement.

In conclusion, the importance of hiring a patent attorney for your invention cannot be overstated. They possess the knowledge, experience, and skills needed to navigate the complicated patent process and safeguard your intellectual property. With their help, you can avoid costly mistakes that could jeopardize your patent rights and financial well-being. So, if you're an inventor with big dreams, don't hesitate to seek the professional legal assistance of a patent attorney. It's an investment that can make all the difference in the success and protection of your invention.Defense in Patent Infringement Cases

If you've invented something truly innovative, you know how important it is to protect your intellectual property. Obtaining a patent is the first step towards safeguarding your invention, but what happens if someone else tries to copy or steal your idea? This is where hiring a patent attorney becomes crucial.

In this section, we'll dive into the topic of defense in patent infringement cases and how a patent attorney can be your strongest ally. Picture this – you've worked tirelessly to develop your invention, invested time and money, conducted thorough research, and finally secured your patent. You're ready to market your product and make a name for yourself. But then, out of nowhere, you discover that someone is producing and selling a strikingly similar product, infringing on your patent rights.

This is precisely the situation where a patent attorney can step in and assist you. Patent attorneys specialize in patent law and have an in-depth understanding of the complexities involved. They can help protect your rights and defend your invention against infringement.

So, what exactly can a patent attorney do for you in a patent infringement case? Well, first and foremost, they will analyze the situation and gather evidence to determine if there is indeed infringement taking place. Patent attorneys have the expertise to assess the validity of your patent and identify any potential breaches. They will thoroughly examine the patent claims and compare them to the allegedly infringing product or process.

Once they have established a case of infringement, your patent attorney will work diligently to build a strong defense strategy. They will craft legal arguments, gather supporting evidence, and draft infringement claims against the alleged infringer. This is not an easy task, as it requires in-depth knowledge of patent law, previous court cases, and the ability to navigate the intricacies of the legal system.

Having a patent attorney by your side during patent infringement litigation is immensely valuable. They will represent your interests, gather witnesses, conduct expert testimonies, and negotiate on your behalf if necessary. Patent attorneys are skilled at negotiating settlements and licensing agreements that can help you resolve the dispute while protecting your rights and ensuring you receive appropriate compensation for the infringement.

Additionally, patent attorneys are well-versed in the procedures and timelines of the legal system. They will guide you through the various stages of the litigation process, from filing the initial complaint to presenting your case in court, if it comes to that. Their expertise and experience in litigation can significantly increase your chances of success and minimize potential losses.

In the world of inventors and innovators, patent infringement is unfortunately a common occurrence. Without adequate legal representation, you may find it challenging to protect your invention, enforce your rights, and seek justice. By hiring a patent attorney, you stack the odds in your favor and ensure that your invention receives the defense it rightfully deserves.

In conclusion, don't overlook the importance of hiring a patent attorney when it comes to defending your invention in patent infringement cases. They possess the specialized knowledge, experience, and legal expertise required to navigate the complexities of patent law and protect your intellectual property. Whether you're facing a straightforward infringement or a complex legal battle, having a patent attorney on your side is invaluable. Don't take any chances – consult a patent attorney and safeguard your invention today.Conclusion:

So, as we wrap up this discussion on the importance of hiring a patent attorney for your invention, there are a few key points that we need to recap.

Firstly, we must remember that navigating the patent process can be quite complex. From understanding the different types of patents to the requirements and steps involved in obtaining one, it can be overwhelming for inventors. That's where a patent attorney can really make a difference. They have the expertise and knowledge needed to guide you through this intricate process.

Furthermore, maximizing patent protection is essential for inventors. By hiring a patent attorney, you can ensure that your invention is well-researched and analyzed in terms of existing patents. They will help you draft a strong patent application that maximizes the chances of success.

Another crucial aspect to consider is the avoidance of costly mistakes. Without legal guidance, inventors often make mistakes that can lead to loss of patent rights and financial setbacks. By having a patent attorney by your side, you can minimize the risks associated with these mistakes.

In addition, patent attorneys also play a vital role in defending your rights in patent infringement cases. If someone infringes upon your patent, having a patent attorney represent you in litigation can make a significant difference. They will ensure that your rights are protected and that you receive the compensation you deserve.

To sum it all up, hiring a patent attorney is not only important but also necessary for inventors. They bring specialized knowledge, navigate the legal complexities, maximize patent protection, and help you avoid costly mistakes. So, if you have an invention that you want to protect, I strongly encourage you to seek professional legal assistance. A patent attorney will be your best ally throughout the patent process.

Remember, protecting your invention is crucial, and it's always better to have an expert by your side. Don't risk losing out on potential opportunities by trying to navigate the complex patent process alone. Take the necessary steps to safeguard your invention with the help of a patent attorney. Good luck with your invention!

This article takes a deep dive into the fascinating world of patents and shed some light on the difference between a provisional and nonprovisional patent.

If you've ever come up with a brilliant idea or invention, you know how crucial it is to protect your intellectual property. That's where patents come in handy! So, what exactly is a patent? Well, simply put, a patent is a legal document that grants exclusive rights to the creator of a new invention for a specific period. These rights allow the inventor to prevent others from making, selling, or using their invention without their permission. That's pretty powerful, right? Now, let's dig deeper into the main focus of our discussion—provisional and nonprovisional patents.

These are two different types of patents that serve distinct purposes. Understanding how they differ is essential for any inventor looking to safeguard their innovative ideas. So, grab your thinking caps, and let's unravel the intriguing world of provisional and nonprovisional patents!

What is a Provisional Patent?

Are you passionate about creating groundbreaking inventions? Well, if you are, then you've probably heard about patents. Patents, my friends, are like superheroes for your brilliant ideas. They protect your inventions from being stolen or copied, giving you the exclusive rights to make, use, and sell them. Today, I want to shed some light on a particular type of patent – the provisional patent. So, what exactly is a provisional patent?

A provisional patent is a temporary, yet powerful, form of patent protection. It serves as a placeholder for your invention while you work on perfecting it or seek further funding. It provides you with a filing date and allows you to use the term "patent pending." How cool is that? One of the biggest advantages of a provisional patent is that it gives you a way to establish an official record of your invention's conception. It acts as proof that you were the first to come up with that brilliant idea. This is crucial in the world of patents, where being the first to invent is highly valued. However, it's important to note that a provisional patent does not grant you the full legal rights and protections of a nonprovisional patent. It's more like a stepping stone towards obtaining a nonprovisional patent, which we'll talk about in a moment.

Another thing to keep in mind is that a provisional patent has a shorter lifespan compared to a nonprovisional patent. It lasts for one year, during which you must file a corresponding nonprovisional patent application to enjoy continued protection. If you fail to do so, your provisional patent will expire, and your invention will lose its patent-pending status. Yikes! Now, you might be wondering, "Why bother with a provisional patent at all? Can't I just go straight for a nonprovisional patent?" Well, my friend, the answer depends on your situation. Filing for a provisional patent is generally quicker, easier, and cheaper than filing for a nonprovisional patent. It provides you with an earlier filing date, which can be crucial in the world of patents. Plus, it allows you to market your invention as "patent pending" while you continue to refine it or seek funding. This can give potential investors or licensees more confidence in your invention. However, if you're confident that your invention is ready for prime time and you have the resources to pursue a nonprovisional patent, then by all means, go for it!

A nonprovisional patent offers stronger legal protection and is the ultimate goal for most inventors. So, there you have it, folks – a brief introduction to the world of provisional patents. They're like the first draft of your invention's superhero story, giving you that early protection and a foot in the door. Just remember, it's essential to understand the limitations of a provisional patent and move towards a nonprovisional patent before it's too late. Keep inventing and protecting those brilliant ideas! Stay tuned for more patent-related insights.

What is a Nonprovisional Patent?

When it comes to protecting your inventions, one option you have is filing for a patent. But did you know that there are different types of patents? In this blog post, we're going to talk specifically about nonprovisional patents and what sets them apart from provisional patents. A nonprovisional patent, also known as a utility patent, is the standard patent that most inventors apply for. It provides the inventor with the exclusive rights to their invention for a period of 20 years from the filing date. This means that during this time, no one else can make, use, or sell the patented invention without the inventor's permission.

Unlike a provisional patent, which only lasts for a year, a nonprovisional patent offers longer-term protection. This can be beneficial for inventors who want to ensure that their invention is safeguarded for a significant period of time. To obtain a nonprovisional patent, inventors need to submit a formal application to the United States Patent and Trademark Office (USPTO). This application includes a detailed description of the invention, along with any necessary illustrations or diagrams. It is important to note that the application process for a nonprovisional patent can be more complex and time-consuming compared to a provisional patent application.

One key difference between a nonprovisional patent and a provisional patent is that a nonprovisional patent requires a thorough examination by the USPTO. This examination ensures that the invention meets all the necessary legal and technical requirements for patentability. If the patent examiner determines that the invention is novel, useful, and non-obvious, the nonprovisional patent will be granted. Another advantage of a nonprovisional patent is that it provides stronger legal protection compared to a provisional patent. In case of infringement, the patent owner can take legal action and seek damages. This level of protection can be crucial for inventors who want to commercialize their invention or secure licensing agreements with other companies.

In summary, a nonprovisional patent is the standard patent that offers longer-term protection for inventors and their inventions. It requires a formal application, thorough examination, and provides stronger legal protection compared to a provisional patent. Understanding the difference between provisional and nonprovisional patents is essential for inventors to make informed decisions about the type of patent that best suits their needs.

Key Differences Between Provisional and Nonprovisional Patents:

When it comes to protecting your new invention, filing for a patent is the way to go. But did you know that there are different types of patents? One of the main distinctions is between a provisional patent and a nonprovisional patent. Let's dive into the key differences between these two types.

First off, let's talk about what a provisional patent is. A provisional patent is a temporary type of patent application that provides a filing date and allows you to use the term "patent pending." It gives you some level of protection for your invention while you gather more information or refine your invention before filing a nonprovisional patent application.

Now, a nonprovisional patent is the standard type of patent application. This is what most people think of when they hear the word "patent." It provides full protection for your invention and can potentially grant you exclusive rights to your invention for up to 20 years from the filing date.

One of the key differences between a provisional and a nonprovisional patent is the duration. A provisional patent has a lifespan of only one year from the date of filing. If you want to maintain protection beyond that timeframe, you'll need to file a nonprovisional patent application before the one-year mark.

Another important difference is the formal requirements. While a nonprovisional patent application requires thorough documentation of your invention, including detailed descriptions and drawings, a provisional patent application is less formal. It allows you to provide a more basic description of your invention, giving you some flexibility in the early stages of your invention's development. When it comes to legal protection, a provisional patent offers some level of protection, but it does not grant you the same level of enforceable rights as a nonprovisional patent. A nonprovisional patent offers stronger legal protection, allowing you to take legal action against anyone who infringes on your patent rights.

So, how do you choose the right type of patent for your invention? Well, it depends on your specific situation. If you have a fully developed and ready-to-go invention, filing a nonprovisional patent application might be the best option. On the other hand, if you're still in the early stages of developing your invention and need more time to gather information or make improvements, a provisional patent can provide some initial protection and flexibility. In conclusion, understanding the difference between a provisional and nonprovisional patent is crucial for inventors. It's important to weigh the benefits and limitations of each type and determine which one aligns with your invention's current stage of development and your long-term goals.

Ultimately, filing for the right type of patent can ensure that your invention is properly protected and give you the peace of mind to bring your innovation to the world. Choosing the Right Type of Patent Deciding whether to file a provisional or nonprovisional patent application can be a crucial decision for inventors.

It's important to consider various factors to ensure you choose the right type of patent for your invention. Here are some key considerations:

1. Time Sensitivity: If you want to secure an early filing date while you continue to refine your invention, a provisional patent might be suitable. It allows you to establish a priority date and gives you up to 12 months to prepare and file a nonprovisional patent application. On the other hand, if you're confident that your invention is fully developed and ready for protection, a nonprovisional patent would be a better choice.

2. Budget Constraints: Provisional patents generally have lower filing fees compared to nonprovisional patents. This can be advantageous if you have a limited budget and need some time to secure additional funding or develop your invention further. However, keep in mind that a provisional patent would still require a nonprovisional filing within the 12-month period if you want to maintain patent protection.

3. Immediate Legal Protection: Nonprovisional patents offer immediate legal protection once granted. This means you can enforce your rights against infringers and potentially prevent them from profiting from your invention. If safeguarding your invention as soon as possible is a priority, a nonprovisional patent is the way to go.

4. Formal Requirements: Nonprovisional patents have stricter formal requirements compared to provisional patents. This includes providing detailed descriptions, claims, and drawings that fully disclose and define your invention. If you have comprehensive documentation prepared or can afford assistance from a patent attorney, a nonprovisional patent may be the better choice.

5. Commercialization Plans: Consider your commercialization plans for your invention. If you intend to license or sell your invention to others, a nonprovisional patent may provide stronger protection and increase its market value. On the other hand, if you are primarily interested in maintaining trade secrets or testing the market before committing to expensive patent filings, a provisional patent can be a viable option.

Ultimately, the choice between a provisional and nonprovisional patent is highly dependent on your specific circumstances and goals. It's crucial to consult with a qualified patent attorney or patent agent who can guide you through the process and help you make an informed decision. Understanding the difference between provisional and nonprovisional patents is essential for inventors seeking to protect their intellectual property. By carefully considering the factors discussed in this article, you can make an educated choice and take the necessary steps to ensure your invention receives the appropriate patent protection.Conclusion So, that's the lowdown on provisional and nonprovisional patents! Understanding the difference between these two types of patents is crucial for inventors and innovators who want to protect their ideas and inventions. In conclusion, a provisional patent is a temporary, one-year protection that allows inventors to establish an early filing date for their invention. It provides inventors with some level of legal protection and gives them more time to further develop their idea before filing a nonprovisional patent application. However, it is important to note that a provisional patent does not automatically turn into a nonprovisional patent. On the other hand, a nonprovisional patent is a full and formal patent application that undergoes a thorough examination by the patent office. It provides inventors with stronger legal protection and, if granted, gives them exclusive rights to their invention for a longer period of time.

When choosing the right type of patent, inventors should consider factors such as their budget, the stage of development of their invention, and their long-term goals. Filing a provisional patent may be a cost-effective option for inventors in the early stages of their project, while a nonprovisional patent offers stronger protection and is necessary for inventors who are ready to fully commercialize their invention. In the end, whether you choose a provisional or nonprovisional patent, the most important thing is to file a patent application to safeguard your intellectual property. We hope this article has shed some light on the differences between these two types of patents and will help you make an informed decision about protecting your invention. Remember, patenting your invention can be a complex process, so consulting with a patent attorney or professional is highly recommended to ensure you fully understand the requirements and implications of each type of patent. Good luck with your invention and happy patenting!

Do I need a Provisional Patent Application or a Non-Provisional Patent Application?

Every entrepreneur knows from the outset that they will face some obstacles when launching their startup. Key among them is proving to investors that their idea is unique and valuable.

 While patents are still the best way to demonstrate how unique your idea is, they are sometimes costly and may end up taking a lot of time. However, with a provisional patent application, you can begin to enjoy patent rights without having to wait or pay for an expensive non-provisional patent.

 But what is a provisional patent application or a non-provisional patent? In this article, we will discuss the differences between provisional patent applications and non-provisional patent applications. We will also walk you through the legal and business consideration of patents to help you make the right choice when selecting a patent application process for your business.

 So what is a provisional Patent Application? 

A provisional patent application is a preliminary application that allows an inventor to file an informal and incomplete patent application. It is a temporary placeholder application designed to help you secure your patent rights as soon as possible. In other words, you are “reserving your spot” as a patent owner for a particular invention.

 A provisional patent lasts only one year, thus allowing you to develop your product or test your market before you file for a non-provisional patent. A provisional patent is also not searched or examined by the USPTO and costs less compared to a non-provisional patent application.

 What about a non-Provisional patent application? 

Filing a non-provisional patent application is the first step toward acquiring a legally recognized patent. It’s typically longer more formal, and difficult to file. Non-provisional patents last 20 years and typically one to three years before issue. They are also examined by the USPTO for patent infringement purposes.

 Why file a provisional patent application?

While both patent applications can protect your idea, you might want to file a provisional patent application when starting as a small business. Here are a few reasons why you should consider applying for the provisional patent application.

 1. Budget 

Provisional patent applications have lower filing fees, no formatting requirements, and fewer formalities. This makes them inexpensive and possible to be filed more quickly than non-provisional applications.

 If you don’t have enough cash to pay an attorney to prepare a non-provisional application, filing a provisional will allow you to apply for a patent application at a budget within a short period.   

Once filed, you will have one year to determine whether the cost of filing a non-provisional application is worthwhile, so you don’t have to waste your funds on a patent that is not worth it. 

2. If you need more time to refine your idea

If you are worried about sharing your incomplete idea or need more time to refine your idea, selecting a provisional patent application is the right way to go. A provisional patent application will help preserve the confidentiality of your work while still allowing you to share it with the investors or the public.

3. Time to assess the value of your idea

Filing a provisional patent allows you to assess the value of your idea or invention before you file for a non-provisional patent. For example, you may notice that your market is too small or your idea isn’t as profitable as you thought. A provisional application can help you keep the costs low as you test your market as you may opt-out by not filing the cost of pursuing a non-provisional patent if the cost may outweigh the benefit.

 As seen, a provisional patent application is a great way to protect your invention when starting a business. It is cheaper and quicker to file compared to a non-provisional patent.

If you have any questions about this topic or any other, feel free to contact us at Millar IP Law. We are always happy to help! Good Luck!

Can I get a patent on an idea and license it?

The dream of any inventor is to come up with an idea, get a patent on it, license it to someone, and then receive a check for the rest of their life. But the question is, is this dream possible? Can you have an idea, patent it, and then have the money roll in?

 In this article, we will take a deep dive into idea and patent licensing and everything you need to know before you go ahead with the licensing process.   

 Let’s get started.

Patent licensing and selling an idea

“I’ve got an awesome concept for a product, but I have no interest in manufacturing the product – how can I sell the idea? “

 This is one of the questions we get asked often and the common answer to this question is “You can’t.”

 If just have a mere idea, there is a high chance that no one is going to pay you for the idea. Wondering why?

 Well, the truth about ideas is, every inventor or entrepreneur at some point has what they believe to be an outstanding business idea or product concept. But simply having an idea isn’t enough.

What matters is the execution of the idea. People pay for the execution of an idea, not the idea itself. Your ideas are worth almost nothing until they are implemented - because without the implementation there is nothing to sell.

 Are you sure you can’t develop the product?

Most people underestimate what they can do and what they are capable of.

Truth is, developing a product you already have an idea for isn’t hard. What is hard is selling the product. Sure, you’ll need to learn the ropes and go through some trial and error to get the product working, but it’s always worth the try.

 So if you are looking to license your idea technology or patent, consider doing the following:

1. Making the product and showing that it actually works.

Before jumping into selling the idea, start by developing a basic version of the product. A prototype or a demo.

This will help to prove to investors that the idea is can be turned into a product and the product actually works. Otherwise, you might have an idea that just doesn’t match reality and that doesn’t work. So try making a demo or prototype to show that the idea can be made into a product.

 2. Prove that there is a real demand market for your product

Once you have a prototype you’ll then want to prove that there is a real market for your product. This will help investors see the potential of the idea and product you are selling to them. Show that there are consumers who are eager to pay for your product or invention. Show numbers, demographics, or anything that will help convince investors that the product will take off.

 As we have seen, it’s very hard to sell a mere idea. So if you want to be paid for your ideas or inventions you’ll need to have something that’s more than an idea. Preferably, you need to show that your idea can be turned into a product and the market for the product actually exists. And the best way to do this is to make a prototype and research the market potential for your product. This will set you up to either license it, get royalties for your idea, or sell off the business.

 Hopefully, that helps!

Reach out to us at Miller IP Law if you have any questions about this topic or any other topic. We will be happy to strategize and talk about it.  Otherwise good luck with your business!

How can I stop a patent attorney from stealing my idea or invention? Profiting from an idea or an invention has never been easy. And even though the internet has made it easy to market and sell products, there are a lot of copycats lurking around every corner waiting to pounce on your idea or invention. Sure, one of the best ways to avoid your idea getting copied is by patenting it. This, however, involves sharing the idea with an attorney and working with them to get your invention patented. So, how sure are you that your patent attorney won’t steal your idea? Well, if you are fearful that your invention or idea will be stolen, you are not alone. Most people who come up with great ideas and inventions are usually afraid, or at least, concerned when sharing their ideas with other people. In this post we will dispel any doubts that an attorney would be interested in stealing your idea or invention. So let’s get started!   Can a patent attorney actually steal my idea? Well, they could but probably won’t. And here are four reasons why; They are bound by rules of ethics Attorneys are bound by rules of ethics and state laws when serving clients. Patent attorneys have a legal and ethical obligation to maintain confidentiality of their client’s information and everyone who contacts them for patent advice. Therefore they cannot reveal your information without your consent. If they do, they’ll be risking their reputation, being fined or even losing their license. Not to mention, you can also go after them with a lawsuit. Risking their Livelihood By stealing your idea an attorney would be throwing away their fruitful career for an invention that only has potential to be profitable. Considering a large number of patents don’t make money for the inventors, it would be unwise for the patent attorney to risk a career they’ve worked so hard to achieve for something that might not be profitable. The moral aspect The patent attorney-client relationship is one of trust. Clients come to their attorneys trusting they get help in obtaining a patent for their invention while the attorney promises to act in their best interest while pursuing the patent. Stealing the client’s idea would not only break this trust but would also shine a light at the attorney’s bad moral character. This would eventually hurt the attorney’s reputation and knock them out of business because no one would want to get their services from a morally corrupt attorney. They actually wouldn’t even obtain the patent A patent attorney would not even be able to patent from your invention since they are not the actual inventor. Patents are issued to initial inventors. It would be unlawful for an attorney to declare they are the inventor if they did not contribute to the idea or invention. Therefore, if the patent lawyer were to steal someone else’s idea they would not be able to get a patent on it.   Takeaway The odds of losing your idea or invention to patent attorneys are very slim if not close to none. The risk of stealing an idea also outweighs the benefits that a well done patent will bring to your business. so, you shouldn't be worried about losing your idea or invention to a patent attorney. However, if you are still concerned, we recommend picking an attorney that you feel comfortable with. One you can establish a relationship with and work towards filing for a patent together. If you have any questions about this topic or any other, feel free to contact us at Miller IP Law. We are always happy to help! Good Luck!

About the Firm... Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest. Top Blog Articles 1. Cheapest Way To Get A Patent 2. How Long Does It Take To Get A Trademark? 3. Why Are Patents Important? Want to chat more about this topic, or got a burning question? Take advantage of instant chat and send us a direct message   Find Us On LinkedIn

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What type of business do I need? An LLC, an S-Corp, or a C-Corp?

So you’ve decided to venture into business – congratulations! Starting a business is an exciting adventure with its ups and downs. While there are many tough decisions you’ll be making, one of the most important decisions you’ll need to think about is the type of business structure you’ll choose for your business.

The business structure you choose affects your taxes, control, and your personal liability every step of the way. To help you start off on the right foot, we will explain the different types of business structures and what to consider when deciding on the right structure for your business. We will also unpack the pros and cons of each type of business structure to help you make the best decision when setting up your business.

So, let’s get started.

Types of business structures

1. Sole proprietorship

Most small businesses start out as sole proprietorships. These types of businesses are owned by one person, who is responsible for the day-to-day operations of the business. A sole proprietor can be a small business, independent contractor, or even a freelancer.

One of the major downsides of registering a sole proprietorship is it does not have separate legal status and it has unlimited liability. This means your personal assets are always at risk in case anything happens in the business.  

2. Limited liability company (LLC)

LLCs are a popular option for many US business owners. They are also the best structure to choose in terms of liability protection and taxation.

LLC’s have unlimited liability- meaning your assets are always protected in case anything happens in the business. They also have fewer requirements compared to corporations and less paperwork required to set up the business.

On the downside, LLCs are more costly to set up compared to sole proprietorships. You might also need to hire an attorney or accountant to help you ensure that you comply with all the tax and legal requirements.

3. C-corporation

Corporations have the strongest personal liability protection. They are a separate legal entity and are owned by shareholders.

The main advantage of setting up a C-corp is the ease of raising capital. With a C-corp you can sell stock shares to investors to raise the capital you need for the business.

As a disadvantage C-corps are taxed separately from their owners which often results to double taxation. They are also costly to form compared to LLCs and have more administrative duties.

 4. An S-corp

S-corps are very similar to C-corps but are not required to pay income taxes. Shareholders report their income based on individual tax returns which helps avoid double taxation.

Also, similar to C-corp, an S corporation offers liability protection to its owners and capital is easy to raise through the sale of shares.

Choosing the right business structure 

For most people choosing an LLC when starting out is a great choice. An LLC gives you the best of both worlds i.e. Liability protection and ease of formation. However, if you will be looking for investors- angel investors or venture capitalists – for your business then it is advisable that you choose a C-corp or an S-corp. This way you can sell shares of your business and allow people to invest in your business.

It is also important that you talk to your accountant about the tax benefits you expect with each type of business setup. An accountant can help you think through the benefits and help you decide the best structure for your business.

Have a question on the right business structure? Feel free to reach out to us! We will be happy to strategize and talk about it. Otherwise good luck with your business!

The old saying “a picture is worth a thousand words” rings true in patent law. As any inventor knows, patent drawings are one of the most important aspects of a patent application. The United States Patent and Trademark Office (USPTO) “requires applicants to submit drawings of their invention if such drawings are necessary to understand its workings.” (1). These drawings illustrate to the patent examiner and the general public the complex processes, formulations, or descriptions contained within the rest of the patent application.

Given the tremendous importance of patent drawings, many inventors may wonder about the best way to make such drawings. In general, an inventor has two options: 1) make the drawings themselves or 2) hire a professional draftsperson to make the drawings. Both options come with their advantages and disadvantages. By drafting the drawings yourself, an inventor can save time and money but may not know what aspects of the drawing are relevant to a patent application. On the other hand, hiring a professional draftsperson, despite the additional cost, yields drawings that are often more in line with what the USPTO is looking for.

Hand-drawing requires that the illustrator pays great attention to maintaining the proper dimensions and proportions described in the rest of the patent. Furthermore, the illustrator must produce images that provide the viewer with a clear perspective of the various components of the invention. Most patents contain only black and white drawings, however colored drawings “may also be submitted to the USPTO” so long as you “file three sets of the color illustrations with the USPTO, complete a petition explaining why color is necessary, pay a petition fee, and include a statement in your patent application that it contains color drawings.”

In addition to hand drawings, computer drawings generated from Computer-Aided Drawing (CAD) software are becoming increasingly common. CAD programs, such as SOLIDWORKS, allow the user to design a digital 3D model of their invention and produce precise drawings from the 3D model. The user can make changes to the format, the included dimensions, and views of the drawings, thereby offering a more realistic and accurate representation of the claimed invention. Furthermore, some programs allow the user to make accurate 3D drawings by scanning a real-life 3D object.

In summary, whether through good old pen and paper or through high-tech CAD software, including detailed and accurate drawings is an integral component of almost all patent applications.

Sources 

https://www.nolo.com/legal-encyclopedia/patent-drawings-draw-own-30248.html