Colorado Patent Attorney Mark Trenner answers questions about “Patent Protection as Investment and Insurance.”

Watch Entire Interview at Once Here: Patents as Investment and Insurance Video

Interviewer: You covered licensing, selling, and using a patent or patent application for collateral. Is there any other asset value of a patent?Patent Attorney

Patent Attorney: As the article points out, a business that educates their employees about patents, and rewards employees for submitting their ideas as part of a patenting program, can actually help stimulate innovation and product development.

Interviewer: The article also discusses patent protection as insurance. Please explain.

Patent Attorney: I’m not sure the term “insurance” is accurate, but the article makes an important point often overlooked by small businesses until it is too late. Often, small businesses view the process of pursuing patent to be a waste of valuable resources – both time and money. That is, until the company finds itself accused of infringing someone else’s patent.

Interviewer: What do you mean?

Patent Attorney: Well let’s say you’re a small business making handbags. You go about the business of making new handbags every season and selling those handbags. Why spend money to pursue a patent application for a handbag when it may be out of style in a year or two?

For Part 3, please follow this link: Patent Asset and Insurance Q & A – Part 3 of 4