I. INTRODUCTION
An entrepreneur can position his company for achieving high future valuation by effectively leveraging on his technical and business innovation. Outsiders’, such as investors, perspective of the value of an innovation of the Entrepreneurs company is considerably reinforced by having the Intellectual Property (IP) legally protected so the companies management maintains a sustainable business advantage from the creative effort and financial investment in producing innovations. The initial step in this protection process is to perform 1) an independent assessment of the novelty of an innovation and 2) an assessment of the innovation's place in the present and future marketplace. This document describes an opportunity for an early stage enterprise to commence an IP evaluation, strategy, and protection program specifically designed to be a timely and cost-efficient first phase effort, upon which company value builds through IP.
II. VENTURE IP SERVICE PROJECT OBJECTIVE
The objective of this service is to prepare an IP strategy roadmap for maximizing potential IP value. More specifically, it will guide the entrepreneur through the process of IP evaluation and protection development. We then support decision-making whether patents or other protection be sought, and will provide essential content for filing a patent through a patent attorney. A Entrepreneurs particular proprietary innovation must be placed in the context of what others have done and are likely to do which impacts the IP direction and business tactics of a company. These are complex issues for an entrepreneur and may be critical for obtaining capital and then maximizing business development opportunities, e.g. licensing and marketing. An immediate effort to construct a planned IP enhancement program can quickly establish credibility and value for outside parties, such as investors and early adopters.
III. ADVANTAGES OF EARLY IP PLANNING
Many questions must be addressed that surround a given technological innovation. The complexity of the official protection process and accompanying legal expenses cause some entrepreneurs to delay seeking IP protection. This is unnecessary because our low fixed price service is leveraged on practical experience to obtain timely and high quality results. Some specific benefits of securing IP evaluation early include:
* Improved patents may be issued sooner and the sooner the patents issue, the sooner you build value (e.g. licensing-out revenue)
* Understanding the “white spaces” (what’s not patented) in the technology/competitive landscape, so as to stake out future IP territories.
* Identification of list of key inventors holding related patents (for potential business partnering or employee acquisition)
* Identify available technology to “license-in” (to acquire licenses that accelerate path-to-profitability)
* Early identification of infringement risks helps to limit unknown liabilities.
IV. VENTURE IP SERVICE PROCEDURE
The proposed IP service goes far beyond a simple patent search: it is much more important to know the best ways to solve a problem than simply if anyone else did it exactly the same way. Armed with this knowledge, the Entrepreneur can see not only if their technology is patentable, but also whether it is worth patenting. This also provides insights as to what competitors are likely to be using against you in the marketplace. The Venture Intellectual Property service procedures consists of the following:
A. Referenceable, Third Party expert comprehension, analysis, and validation of both the problem that a proposed innovation solves, and how that innovation solves the problem.
B. Extensive search for literature and patents regarding other inventions that address these problems and methods.
C. Detailed discussion to facilitate understanding of just how a proposed invention is better than the existing body of knowledge related to the topic (called “prior art”).
D. A second (more comprehensive) search, concentrating on analysis of these differences.
E. A detailed report output that discusses: A) the types/ranges of technologies that exist for solving the problem that the proposed invention addresses; B) explanations of where proposed invention fits into this technology landscape; C) strategy for commencing an IP protection program, e.g. filing, timing, claims, licensing, competition, etc; D) other recommendations and opportunities, e.g. product development plan, IP program direction, strategic partners, etc.
V. VENTURE IP SERVICE DELIVERABLES
An independent report output addresses the following critical issues and activities:
A. You can use our report to make well-informed resource allocation and other business decisions regarding how to proceed with development of core technology (and implement ancillary technologies) and bring them into the marketplace.
B. Your patent attorney can use our report in planning the preparation of your patent. His activities may be reduced to the filing, if the service is performed properly.
C. A potential investor can use our report for evaluating the potential value of your innovation to consider in funding and in management’s negotiating the valuation of your enterprise.
D. You can leverage on some of the innovation/tricks used by others in their similar inventions and incorporate them into your own IP.
VI. TERMS AND CONDITIONS
A. PRICE
The fixed price for the services described in this proposal is $3.500.00. Of this total the amount of $2,500.00 is due with order begin date. The balance of $1,000.00 is payable upon receipt of the project report described above. All directly related project expenses except travel as authorized by Client will be borne by the service provider.
B. DURATION
It is anticipated that the project will be completed in approximately three to four weeks from project commencement. This is predicated on our receipt of requested information in a timely fashion and Client’s availability for planned and ad hoc discussions.
C. PROJECT EXECUTION
Service provider shall have sole discretion regarding the planning and execution of this project including all project tasks as well as the form and content of the project report to be prepared. All such activities shall be conducted in accordance with accepted professional standards of competence.
D. CONFIDENTIALITY
All data, materials, drawings, and project information identified as proprietary and confidential by Client will be held in strictest confidence by service provider and its contractors for a period of three years or until the information is available in the public domain whichever occurs first.
E. CONSEQUENTIAL DAMAGES
Neither service provider nor its contractors will be held responsible for any direct or consequential damages arising from our failure to identify or adequately consider Client’s internal or any external technologies.
VIII. REGISTRATION
dave@valuationcreationcapitalllc.com
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Copyright (c) 2001-2007 David B. Burleigh, ValuationCreationCapital.com, davidburleigh.com. All Rights Reserved
