Ep. 231: Russ Krajec: Patents: Lessons in Strategies & Financing

Apple Podcasts Rate and Review for SpotOn SOI231 - Patents: Lessons in Strategies & Financing  Russ Krajec is the CEO of BlueIron, a company that gives startups and small businesses the financing they need for anything patent-related. The goal is to help their clients enforce their intellectual property and build a strong portfolio. Russ is considered one of the best when it comes to patents. He has personally authored over 800 patent applications with experience in various types of intellectual property transactions, patent valuation, and portfolio curation. He is also an inventor with over 30 US patents to his name.  Russ joins us to describe the type of industry he works in and why the market has a severely underrated growth potential. He shares how he familiarized himself with the patent system and what made him pivot his career from engineering to becoming a patent agent. He explains the common misconceptions entrepreneurs have with patent filing, especially regarding the protection it gives. He discusses the common mistakes people make when getting patents and examples of ideas and inventions that should not be patented. Russ also explains how having intellectual property insurance can prevent bankruptcy. "A patent has no value until somebody is using it." - Russ Krajec Today on Spot On Insurance: Russ' career as an engineer and how he familiarized himself with the patent system What made Russ pursue a career as a patent agent Why independent inventors were called ‘walking malpractice lawsuits’ What inventors should know about patent attorneys The moment Russ wanted to sell intellectual property insurance What the market for patents is like The common mistakes people make when getting patents Why patents don't mean protection What should - and should not - be patented An example of a patented technology protecting its owner The number of patents Russ has filed How patent insurance can save a company from bankruptcy What readers can expect from his book Investing in Patents Key Takeaways: Companies are 22 times more likely to have a patent-related lawsuit than a directors and officers claim. There is a sophisticated and not well-advertised secondary market for patents. Connect with Russ Krajec: IP Insurance BlueIron LinkedIn Book: Investing in Patents: What Startup Investors Need To Know About Patents This episode was brought to you by….. Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com. Connect, Learn, Share Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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From Arleen and Ted Taveras the founders of Insurance Licensing Services of America, Inc. (ILSA) comes Spot On Insurance, a weekly podcast shedding light on all matters pertaining to the industry. Guests will include regulators, agency principals, captive managers, industry attorneys, and licensing coordinators. Discussions will range from basic insurance coverage explanations to complex regulatory challenges.