In this episode of Patent Pending Made Simple, Jamie and Samar interview Stephen Key, one of the foremost experts in the world of patent licensing. They discuss the patent licensing process, the role of a provisional patent application in that process, steps to bringing an idea to market, prototyping, prior art searches, and so much more!

Summary
Stephen Key, a patent licensing expert, shares his insights on how to protect and commercialize ideas. He emphasizes the importance of focusing on the benefits of an idea rather than just the features. Key recommends starting with a Google search to see if the idea already exists and then reaching out to companies that may be interested in licensing the idea. He suggests using tools like provisional patent applications, sell sheets, and videos to test the market interest before investing in prototypes. Key also discusses the importance of teamwork with patent attorneys and agents to create a valuable patent.

Takeaways
Focus on the benefits of an idea rather than just the features.
Start with a Google search to see if the idea already exists.
Reach out to companies that may be interested in licensing the idea.
Use tools like provisional patent applications, sell sheets, and videos to test market interest before investing in prototypes.
Work with patent attorneys and agents as a team to create a valuable patent.

00:00 Welcome to the Patent Pending Made Simple Podcast
00:15 Introducing Stephen Key: The Patent Licensing Expert
00:48 Stephen's Journey: From Ideas to Innovation
03:16 Demystifying the Patent Process for Inventors
04:35 The Initial Steps of Bringing an Idea to Market
07:12 Licensing Ideas: Stephen's Strategy for Success
08:42 Prototyping and Testing: Essential Steps Before Patenting
11:38 The Power of Provisional Patent Applications
14:05 Testing Your Invention in the Real World
17:17 Stephen's Advice on Prototyping and Filing for Patents
19:55 Navigating Patent Applications: Insights and Strategies
20:40 The Importance of Matching Claims with Business Objectives
22:10 Leveraging Patents as Negotiation Tools
23:29 Crafting Patents with Manufacturing and Detail in Mind
27:01 The Role of Prior Art in Shaping Patent Strategy
27:28 Building a Strong Team Beyond the Patent
28:28 A Real-World Example: Overcoming Prior Art Challenges
33:32 The Art of Patent Writing: A Collaborative Approach
36:55 Closing Thoughts and Appreciation

What is the difference between a patent and a license?
In this episode, Jamie and Samar discuss the differences between a patent and a license. Topics include:

• Key differences
• Do you need an issued patent to get a licensing deal?
• Are there benefits of securing a licensing deal during the patent pending phase?
• Overcoming fears and uncertainties around licensing an invention
• What is a license (a contract that allows someone to use your patented invention in exchange for payment)
• Licenses can be exclusive or non-exclusive
• Most common patent licensing deal structures (lump sum payment, royalty rate per unit sold, percentage of profits)
• Finding potential licensing partners
• Tips for writing a patent application with licensing in mind (understand potential partners’ portfolios, draft claims accordingly)

Timestamps:
0:00 - Introduction
2:30 - Do you need an issued patent to get a licensing deal?
5:15 - Overcoming inventor fears about licensing
7:00 - Defining what a license agreement is
10:30 - Exclusive vs. non-exclusive licensing
12:45 - Typical licensing payment structures
15:00 - Finding potential licensing partners (teaser for future episode)
17:30 - Writing patents with licensing in mind