Biomedical engineer Melanie Watson had plenty to grapple with when prenatal tests during her second trimester revealed her daughter, the second-born of two, had a very serious genetic condition called trisomy 18. In this condition, instead of normal two chromosomes on the 18th chromosomal pair, there are three.
Half of all babies born with trisomy 18, or Edwards syndrome, die within the first week, with many others stillborn. Only 5 percent to 10 percent live beyond age 1.
“She is my miracle baby,” Watson said of Claire Juliette Watson-Ray, now 5½. It’s important to get the one-half in there “because every day counts,” said the Trine University assistant professor of biomedical engineering, who earned her undergraduate and doctorate degrees from Louisiana Tech.
Watson has fought every day for her fragile daughter’s life, not accepting the no-hope pronouncement given by doctors at the Texas hospital where Claire was born and not giving up when Claire, at age 14 months, was diagnosed with liver cancer.
That tenacity and resolve to give Claire the highest quality of life possible is what also led Watson on a journey to seek an innovative solution to quickly and easily perform routine blood tests so Claire — and anyone with a health condition that requires frequent blood testing – can do so wherever and whenever they want, with results sent via a cell phone to the doctor.
The eighth version of the hand-held, blood-testing device prototype is now being 3-D printed, and Watson is in the process of patenting the invention. It is the culmination of more than five years of research and development, and Watson’s entrepreneurial endeavors through her company Blaire Biomedical have drawn high praise from regional and state funders. She was recently named one of two first awardees of support through Indiana’s Elevate Ventures’ new Community Ideation Fund.
The fund, created in 2018, enables ideation-stage high-potential companies to move closer to a specific, measurable technology or product development milestones through an investment between $5,000 and $20,000. Eligible applicants include Indiana-based companies with headquarters in communities under a partnership with Elevate Ventures, and with no more than $50,000 in trailing revenue over the past 12-month period.
Elevate Ventures, a venture development organization based in Indianapolis, Ind., provides entrepreneurs with the expertise and resources needed to transform ideas into profit-making companies. The Community Ideation Fund $17,500 convertible note will help Watson move ahead with final development of the blood-testing device by hiring a part-time design engineer.
“We need to improve the optics (in the device) in order to increase the accuracy of blood tests,” Watson said, noting this funding and a recent $1,000 micro-grant from the Elevate Northeast Indiana Farnsworth Fund, plus additional funding she is seeking through other regional and state sources is crucial. “It is essential for up-and-coming entrepreneurs to get into the seed round to draw venture capitalists and angel investors.”
Already available is a hand-held blood glucose testing device that operates similarly through a phone app, but Watson said there is no other such device on the market that can perform multiple blood tests.
“There has to be a better way” To read the rest of the story click:
The patent troll narrative has dominated our cultural consciousness ever since a clever Intel lawyer coined the term in the early 2000s. Even if you know nothing about patents, you’re probably familiar with the concept. Companies with no intention of producing anything buy up overly broad patents to extort other businesses with. Do you remember when the podcast This American Life devoted not one but two episodes to the subject? I do.
It was so persuasive that legislation — the Leahy-Smith America Invents Act (AIA)— was passed in 2011 to address it. Congressman Thomas Massie (R-KY), an award-winning inventor and successful entrepreneur, began his term the year after Congress passed the AIA.
He perceived the legislation would be damaging, he told me in a phone interview earlier this month, and he was right. It has been. (Read some of the reasons why I believe independent inventors are in danger.)
As an undergraduate at MIT, Massie invented a haptic computer interface in 1993— enabling users to “feel” virtual objects. His thesis advisor encouraged him to reach out to the technology transfer office on campus. With the university’s help, he obtained patent protection. Without it, he is certain he wouldn’t have been able to raise the funds he needed to commercialize the initial prototype.
It took three to four years and $9 million dollars to create a version for consumers.
Thirty patents stem from his initial invention and improvements. Now owned by 3D Systems, his technology is still in use today.
On June 28th of this year, he introduced the Restoring American Leadership in Innovation Act of 2018 into the House of Representatives (H.R. 6264). It is co-sponsored by Congresswoman Marcy Kaptur (D-OH) and Congressman Dana Rohrabacher (R-CA). Its goal is to roll back some of the “worst parts” of the AIA, Massie said.
Others have been sounding the alarm about the adverse effects of the AIA for some time now. They include the Innovation Alliance — a group of research and development-based technology companies from a range of industries, including Qualcomm; patent experts writing on IPWatchdog.com and for the Center for the Protection of Intellectual Property; innovation policy advocates at Inventor’s Project; and activists from US Inventor, a not-for-profit.
To Massie, the relationship between strong patent rights and the incentive to innovate could not be clearer.
“Ideas never get developed if no one can recoup investment from them,” he explained. If ideas were made free and anyone could develop them, he thinks there would be less development of ideas — not more.
Notably, H.R. 6264 abolishes the Patent Trial and Appeal Board (PTAB), the body established by the AIA to review new kinds of patent challenges.
One very successful inventor I know has been tied up in the PTAB system ever since an infringer challenged his utility patent. It’s been years now. Before the AIA, he earned sizable royalties from a licensing agreement for 10 years uneventfully. Originally issued 13 claims, after battling seemingly endless rounds of appeals, he’s down to one. Meanwhile, while his patent remains under re-examination, infringers have flooded the market and sales of his invention have been cut in half.
Massie’s bill explicitly restores patents as a property right, which would reverse a recent Supreme Court decision. As he put it, “Who is going to build a building on a piece of property when someone could say two years later, ‘We reviewed your deed, and you don’t own this property.’”
In its attempt to police malevolent actors and rid the system of overly broad patents, did Congress tip the scales too far against independent inventors and small business owners? Maybe.
“It’s an economic decision, whether to steal or license. Which is cheaper?” Massie explained. There’s even a phrase for it: Efficient infringement. In 2015, Joe Nocera described it as follows in his New York Times op-ed “The Patent Troll Smokescreen.”
That’s the relatively new practice of using a technology that infringes on someone’s patent, while ignoring the patent holder entirely. And when the patent holder discovers the infringement and seeks recompense, the infringer responds by challenging the patent’s validity.
Not everyone agrees, of course. For some, the patent troll issue reigns supreme. There really are far too many bad patents, that perspective contends — which is why processes like inter partes review (IPR) are necessary and good. Filing an IPR is cheaper than going to court.
Andrea Evans, an IP attorney who spent five years examining patents and trademarks at the USPTO, sees that as a potential benefit. She recently celebrated her firm’s 11th anniversary.
“I do think the Patent Trial and Appeal Board is necessary, because I like the idea of having a resource for people who cannot afford to go to federal court. It’s a faster process and less expensive,” Evans noted, adding that it must be policed properly.
Evans hosted the first day of a conference of inventor group leaders from across the country put on by Inventors Groups of America, an organization I co-founded last summer. It took place at the United States Patent and Trademark Office with the help of the United Inventors Association. We were all cheered when Andrei Iancu, the new director of the USPTO, stopped by unannounced to deliver a supportive message.
To read the rest of the article click here:
There are many businesses focused on helping inventors develop and monetize their ideas. There are companies that, for instance, help people seek patents on their inventions, license their inventions, turn their ideas into tangible products, and promote those products. World Patent Marketing in Florida bills itself as one of those companies. But according to a complaint filed by the Federal Trade Commission this month, World Patent Marketing is in fact “an invention-promotion scam that has bilked thousands of consumers out of millions of dollars.” The FTC charges World Patent Marketing with committing unfair and deceptive trade practices in violation of Section 5(a) of the FTC Act. On March 8, the Southern District of Florida found that the FTC was likely to succeed in proving this charge and issued a temporary restraining order.
Read more at http://www.jdsupra.com/legalnews/court-issues-temporary-restraining-50911/
Russ Krajec is the CEO of BlueIron, a patent finance company, and author ofInvesting In Patents, which explains the BlueIron investment model. Russ is an angel investor, registered patent attorney, the former COO of a venture-backed startup company, and an inventor with 30+ US patents/applications.
Year after year the patent laws become more complex. It seems with every decision from the Supreme Court and the Federal Circuit more detail is mandated for a patent application to be complete and for patent claims to have a fighting chance. These case law changes, as well as legislative and regulatory changes, are putting the patent system out of reach for startup companies.
The patent applications that must be filed require an enormous investment in time, money, and expertise – mostly by patent professionals who curate the inventions, write the patents, and nurture them through the examination process. To get high caliber, well researched, and well-written patents costs money – a lot of money unfortunately.
Quality is the main buzzword at the Patent Office, and increasingly so within the industry. Gone are the days that one could just get a patent and expect that it would be valuable enough to license or sell. Quality patents that cover quality technologies is the new business reality in the patent sector. But with the skyrocketing costs associated with obtaining the desired quality many startups resort to cost-saving strategies that most often only work to irreparably harm the changes of obtaining a worthwhile patent.
Filing a hastily drafted, woefully inadequate provisional patent application is a mistake, and one that can lead to a patent foundation being built on a hopelessly compromised base. The patent community was recently reminded of this fact when the Patent Trial and Appeal Board (PTAB) refused to recognize the priority of a provisional patent application filed to cover Juxtapid, a cholesterol medication. The PTAB found the provisional application defective because it did not teach the invention adequately and provided insufficient dosage information. This just proves that bad provisional applications are a very real problem even for pharmaceutical companies that should know better.
What are startups to do? There is never enough money to do everything a startup needs to do in order to succeed, so even the best, most well funded startups need to triage. As a patent attorney with over 15 years of experience, I know all too well this very real financial dilemma. Compounding this problem is the truth that most innovative startup companies are entering a marketplace where larger, well-financed corporations with giant patent portfolios dominate. Patents can be the great equalizer, but such a strategy requires high quality patents.
BlueIron’s non-dilutive financing for startups pays all of the patent costs, including filing fees and attorney’s fees, using a conventional commercial “lease-back” arrangement. This model has been gaining traction since its first release in the fall of 2014. After financing professional poker player Phil Gordon’s patent for his new software startup, Chatbox, BlueIron has made investments in startup companies in software, hardware, biotechnology, medical devices, financial services, and agriculture.
By financing the patents, we remove the cost barriers to getting strong, high-quality patents. This opens up the options to do a full due diligence workup, which most startups simply cannot afford. It also means the patents can be expedited and obtained more quickly. It also frees up critical capital for the startup to invest in business activities rather than paying for patents.
For expediting applications, when possible, we prefer the PCT-Patent Prosecution Highway, which often results in an issued patent within 12 months. With PCT-PPH, the costs of the patent are compressed into a 12 month window, rather than spreading them out over 3-5 years. If a patent application gets into the PPH the allowance rates are much higher, and in many cases over 95%. Given that an issued patent is far more valuable to a startup company than a mere pending patent application – especially one raising angel or venture capital – this strategy pays quick dividends, which benefits everyone involved.
The BlueIron model works because everyone has “skin in the game,” so to speak. We have every incentive to get high quality patents and to do so as reasonably quickly as possible. By having a patent portfolio that protects the startups technology additional investment becomes easier to attract, which makes much of the difficult work a startup will do much easier. By helping the innovative startup succeed we succeed. If the innovating startup company is not successful, the investment will only generate patents for products or services that never made it to the market, or which were not accepted once on the market. Patent assets covering technologies the market shunned have little, if any, value. On the other hand, if the startup company is successful the patents have real value – far more value than the cost of financing.
Through the BlueIron model I’ve attempted to create a new framework where both parties have the same goal: protect and grow a successful business. Our sole focus is to build investment-grade patents that have commercial value. By treating patents as “collateral,” our model rises or falls based on how strong the patents are – and how successful the innovative startup becomes.
If you are a startup company that is looking for someone to finance your patent activities please contact me. Candidly, we only invest in patents for operating companies, not for individual inventors for whom the invention is just a hobby. While we invest at a very early stage, the startup must have a financial commitment to bring a product or service to market for us to get involved.
If you are an angel investor or venture capital firm, we are actively seeking formal or information partnerships and relationships.