Speed Bumps and Patent Trolls

We were fortunate tonight to host Hal Fullmer and Jake Soumis who led the discussion on protecting your intellectual property. Hal and Jake are IP attorneys for Washburn Woodcock, a leading national intellectual property firm named the top intellectual property firm in Pennsylvania by Chambers USA. Both Hal and Jake have engineering and/or scientific backgrounds in addition to acquiring, enforcing and leveraging intellectual property rights—a hallmark of Washburn Woodcock.

Hal reviewed the differences between patents, trademarks, copyrights, and trade secrets paying careful attention to registration requirements. His conversation expanded to include useful tips for contracts, including assigning IP rights, non-compete clauses, issues of confidentiality, licensing, warranty of originality and ownership. Given the nature of our companies, the remainder of the evening focused on in-depth questions surrounding patents. Entrepreneurs often file for provisional patent applications while they explore the full functionality and development of their innovations. Provisional patent applications, in contrast to regular patent applications, are valid for a period of one year (after which a regular application must be applied or the rights expire) and cost significantly less.

The Innovators had a number of questions. One Innovator asked if enhancements were covered in a patent or if they required the filing of a new patent, another how frequently patents were enforced. Hal offered the following statistic—the average price to defend a case valued at $25M is $2M through trial. Realistically, this means that patents act as speed bumps, not brick walls in defending rights. Hal and Josh also warned of the dangers of “Patent Trolls.” Trolls are people who make a living by filing, purchasing and enforcing patents.

Thank you, Hal and Josh for an informative evening.