What an experience I had last Friday. I met my friend Cyrous at Arya a wonderful restaurant. We sat down and I ordered a chicken soltani. Then he handed me something that I have rarely held in my hands. It was US 2011 0259559 A1 patent approved by the US patent and trademark office. He had made his dream come true! I was holding his golden ticket.
We were jubilant! The mood turned festive. We talked our way through an entire shift change. Finally before we did the same with a second shift I congratulated him once again as we both went off to see how his patent could bring us the riches that he and I most surely deserve.
The dealings with a patent are somewhat new to me. Mostly I have dealt with one or numerous existing patents that have already been issued and with perhaps a few that are pending. Here was one that was rapidly put through the process thanks to AIA. Now I have a lot of catching up to do and researching the ways one can use a patent to make money.
One way that was not obvious to me is that a university can get between $5M and $20M in funding for being a co-owner of a patent. Cyrous told me that they would give him an honorary degree and allow him to teach with a salary of around $60K as well as room and board. But only if he would let them use his patent to obtain the funding with.
Using the patent to manufacture and produce the invention is his hope and now mine too. At the least we need a prototype to easily demonstrate the principles and perhaps to interest an investor with.
Protecting the patent and finding companies that infringe upon it could be another source of money. Though we will need deeper pockets to pursue that avenue of revenue. However it could be the most lucrative.
He has already been offered at least $300K for it as well! But Cyrous is no fool and we have yet to figure out its true worth as it can be the basis of several if not more spin offs. Each of which could become an independent multi-million dollar venture. It was a reminder of the glory days of this silicon valley. A time when we all looked into the future and saw it is good.