Okay, now it's on, we're all set.
And open up my chat.
Oh, the birthday girl gets here, yeah, we'll have to see.
Let's see, okay, awesome, awesome.
All right, wow, what a powerful session.
Yeah, I mean, jeez, don't really have much to say.
Yeah, so it's been a wonderful doing this voice with all of you.
We're gonna jump into a little bit more on the patent side.
I wanna go through a scenario.
We never went through a scenario, I just realized that.
We didn't walk through a scenario with everybody.
So tomorrow for the bonus, I'll do that with them as well.
But I'll walk through it with all of you here, just so everybody can see just how much you've
actually learned.
Because I know there may be some people here that can't make the bonus tomorrow, or just
wanna enjoy your weekend, so it's fine too.
So I'm just gonna open up the scenario first.
And we're gonna go through a scenario so you can see.
And I'm not gonna answer these questions, you guys are.
So let's open this.
These are the VIPs, they're gonna be just chomping at the bit to get these all right.
Oh, man, I'll have you guys teaching this part, here we go.
Let's see.
All right, so I'm gonna share my screen now.
Let's make this full size so everybody can see it.
All righty, share screen, pow, scenario, boom.
All right, here we go, here we go.
All right, so you can all unmute yourselves just so you know for this session here.
This session is just fun, I love doing this part.
So you can just like blurt out the answers as we go through.
So what we're looking for is what specific area of intellectual property pertains to
the specific line.
So we're gonna take line one by one, and I'll say a sentence at a time for the ones that
have longer ones.
And don't be embarrassed if you get it wrong, nobody cares, like this is a learning experience.
I'm amazed at how much you've learned so far, you guys are incredible.
And so, yeah, this is just a great time to be able to try and apply it as if this was
your own scenario, like your own client or your own business.
So let's start out with the first line.
So it says, you own a small company called Burger Town.
What area of intellectual property law?
Trademark.
Trademark, boom, exactly, exactly.
Now it says, you own it.
So the beauty of it is, you know, since you own it, you have the option.
You can put it in, since you own the small company, you can have it in your name, or
you could have it in the company's name, either way, right?
And we talked about the benefits and the minuses to have it in your own name, which is one
of the benefits to have it in your own name is what?
What's a good benefit to having the IP asset in your own name?
You control it.
You control it, absolutely.
You control it.
That's a big, big, big one.
You won't lose it.
What was that?
You won't lose it.
Yes, that's right.
And so, so the big thing is that now that since I own it, I can license it to a party,
I can assign it to a party, I can take the revenue from the party.
One of the things that we talk about when we get into the protection portal you'll see
is licensing.
So a whole other world, like you can actually have a patent on something and never make
the product, ever.
But what you do is you license it to a company who actually makes it, and then you make what
are called royalties off of every single sale.
So you can either sell the product straight, you can sell the patent straight out.
You know, so I've seen patents go from anywhere from five grand to 500 grand.
I mean, it just depends on the value of the patent, right?
In the industry.
So, but once you file the patent, now you have the option.
You can license it to a third party.
We talk about that in the protection portal.
Like how do you license?
Do you license it at, you know, the same royalty all the time, or do you do what's called a
step license, which is where the first hundred units, I'm going to make this percentage,
but the next hundred units are going to make that percentage.
So you can change your percentage royalty based on the number of sales that are made
by the other company.
You can also license your patent.
in different geographical regions.
So you could say, you know what?
I like TJ a lot.
So for Texas and Florida, TJ, you got my patent, bro.
You do whatever you gotta do, right?
And so you're gonna give me a royalty off of that.
And I like Tracy a lot.
So for Tracy, for Georgia and North Carolina, that's yours.
You get to market it over there
and make all the money you want.
And I make different percentages based on the individuals.
But one thing I'm gonna teach you here just real quick,
and again, we talk more about this in the portal,
but I just wanna kind of throw this out there for you,
is that when you're licensing to different parties,
you wanna kind of keep your royalty rates similar, right?
So if I'm licensing out to TJ and I say,
TJ, you're gonna give me 3% of everything that's sold,
right, and TJ is like, all right, awesome.
But then I license out to Larissa and I say,
Larissa, you're gonna give me 12%
of everything that's sold, right?
Now, Larissa might say, all right, that's awesome, right?
Because she's still like, while making 88%,
that's pretty awesome, right?
But what happens is if I ever sue somebody
for infringement of that patent, there's a problem.
Because one of the things that they look at
is what's called a reasonable royalty, all right?
To determine damages for infringement of a patent,
they look at what's called a reasonable royalty.
And to determine what a reasonable royalty is,
they look at your licensing agreements.
So if I'm licensing to TJ at 3% and Larissa at 12%,
they're like, well, what's a reasonable royalty?
You're licensing to different people at different numbers.
Like, how do I know what the damages should be
because you're all over the place?
So you might wanna kind of think about this beforehand,
before you license somebody your patents.
Try to have similar terms,
try to have similar royalty rates if you can,
because it helps in an assessment later
if you ever sue somebody.
Because when they look at what a reasonable royalty is,
and they look at all the different royalty rates
for each different party,
they'll see they're kind of consistent.
Here's five, here's seven, here's six.
They're all around the same, they average six.
Okay, six is a reasonable royalty.
You see that?
So it's kind of like, try not to say,
well, I really like this person and I hate that person.
So this person's 20%, that person's 1%.
It can actually affect you.
If you really hate that person,
don't license to them, period.
Like don't mess up your licensing program
based on personalities.
And people can do that all the time.
All right, number two.
Your number one selling burger is called the Belt Buster.
Faith Mark.
Theresa, I see your golden hand, go ahead.
Well, it's on the first one though.
Now, if you have it in your own name, okay,
then you're good.
But if you go in the company name or ministry name,
wouldn't you have to go to the board
for any permissions for anything?
Yeah, see, that's the issue.
You just literally nailed what the real issue is.
It's that if I put it in the name of the ministry
and the name of the party or the name of the company,
and the board is the one,
in the corporate formation documents,
you said that the board has rights to any of the assets
and figures out how they're utilized, licensed or anything,
then you may have lost control.
Like it's gone.
And then you know what people do to try to solve this?
It's like they make it worse.
This is horrible.
So what they do is they panic.
They find out about this, they panic.
And they go, no, like I can't license to the entity
because now the board makes all the decisions
and I lost all control.
So I'm gonna transfer the rights back to myself.
You can't do that.
You can't do that because you're not the one
making the decisions on behalf of the company.
But then what they say is,
well, I'm the president of the company.
So in the corporate formation documents,
it says that the president of the company
has the right to make decisions on behalf of the company.
So what they do is they assign it
from themselves to the company.
Then they learn about this and they say,
well, I'm the president of the company.
So I get to make all the decisions on behalf of the company.
Well, I as a president have decided to assign
all rights, title and interests back to me.
Is that really working on the better interest
of the company?
Obviously not.
What you've done is you've worked
on the better interest of yourself.
And so what you've done essentially
is you have violated your role
as the president of the company.
So now the members of the board
can literally challenge you and kick you.
Nika Smith is, Nika's in, right?
She's in the board.
the portal. I mean, she's in the VIP. Okay, good. I just
admitted her. I just saw that that she popped up. So now all
of a sudden, you know, you're, you're, you're in trouble,
because you violated the the corporate formation documents
and what you're actually supposed to follow for the
corporation, you violated as the president of the company. So now
what happens is the president gets fired from the company, and
they lost their IP assets. That's how it plays out. Don't
do that. So make absolutely sure that if you're going to sign it
over to your company, that you're absolutely sure that you
want to do that. Don't do it. Otherwise, please, Tracy, go
ahead.
Um, so this, this, what I'm proposing, would still could
still be risky, probably. But um, so given what you just said,
say, say, you know, your board is all your closest friends,
which is, you know, a nominal factor, really, when things can
happen, but just say they are and you're all joined in the
spirit, you know what I mean? Everybody is in one accord and
passionate and whatever. If you could then as president, give it
back to you if they all understood why I would assume
that's the first part could agree. Yeah, all members could
agree. But the question is, see, here's I have another question.
Piggyback to that. But go ahead. Yeah, absolutely. Yeah. So the
big question in this scenario is, is really the following
it's, is it truly in the better interest of the company? Like,
sure. Like, is it the is, is it the fact that the individual
saying no, you know, it'll benefit me and the other
parties say, yeah, that's true. And we like you. So we're okay
with transferring it. Oh, no, that's actually I'm not saying
that's your scenario. What I'm saying is, if that does happen,
that's actually a violation of the corporate formation.
Okay, sure. Okay. Yeah. No, I didn't mean it that way,
thinking that there was agreement that it would be in
the best interest of the company. But then my next
question actually probably doesn't apply. Now that I think
about it, because once that decision is made, I guess that's
fine in that frame of linear time, so to speak, like you
later on, somebody can't go back into the history or something
and say, look, what happened this, this was not right, or
something, right? Well, they can. I was wondering about that,
too. Yeah, this is really Yeah, well, you just said, Tracy, and
this is this is why I love that you're gonna be in the portal
because you're, you think of all these scenarios. So this, this
is why this is really important. Okay. The way this plays out is
two years down the road, you sell the company. Right? The
people who buy the company, all of a sudden say, hold it. That
trademark is really important to the company. Why don't we own
it? And then the people say, Well, see, what happened was,
this person, Steve, he assigned it over to the company, but then
the board decided it's okay to transfer it back. And the
company that buys them out says, No, I don't think so. What
exactly happened? And then what happens is the people who buy
the company through a merger or an acquisition, they end up
suing the individual themselves, or they sue basically some
entity that's associated with the transfer that they
purchased, so as to obtain the rights to the trademark again.
So then they say that there was a violation of the the duty as
a as an agent of the company, there was a violation of that
duty in transferring the IP rights back to the individual
like that, they'll say that was not in the better interest of
the company in any way, shape or form to take the number one
asset of the company and transfer it back to an
individual that is not in the best interest of the company.
This is the way litigation works. And so now there's a
lawsuit happening from the acquiring corporation. And now
the individual who is the president of the company has
got to defend themselves. And the company itself, the people
who sold the company to company B, now just got into a lawsuit.
Because this company doesn't want to be a prisoner to the
former president of the company. So that that's the way it plays
out in real life. It's, it's, it's, and this is why I spend
the time training each of you on this, because I don't want any
of you guys going through this, I'd rather you understand this
and you make an affirmative decision, I am not transferring
it to the company, period, not happening. And then you just
give a license at a company if you want to do that, right. But
if you
give a license to the company for them to then license some
things?
Well, you can. So there's different ways to license the
companies, you can
do an exclusive license to another company.
And in that exclusive license,
you can grant the right to provide non-exclusive licenses.
So the way licenses work, and again,
this is an area we talk a lot about in the portal,
is that in licenses, the way it is,
is somebody owns the car, right?
And then somebody says,
all right, I'm gonna give the car to my daughter.
And my daughter says, you know, I'm in college.
I can make a lot of money renting out this car, you know?
So my daughter's an entrepreneur.
She better never do this.
But anyways, she's probably not gonna watch this,
so I don't have to worry about it.
So now all of a sudden she's like, man, that's a nice car.
You know what, guys?
You can rent out this car for $250 a day, right?
So she says $250 a day.
Now all of a sudden she's getting every single day,
money's coming in, money's coming in,
money's coming in, right?
Now she's not the true owner,
but she's making money off of renting my car,
which I let her use, right?
That's a smart entrepreneur right there.
But the way that this is,
the way it is very similar to licensing.
So in licensing, the way it works is I own the patent,
but I can license,
I can give you an exclusive license, Tracy, to my patent.
So now you, as the exclusive licensee,
I may grant you the right
to provide what's called sub licenses.
So now within your company,
you have other parties that wanna use this technology.
So you're saying, all right,
I'm gonna license to you companies A, B, and C,
and I'm gonna get a royalty of 10% from each one of them
for using the technology of the patent.
Now, me on the bottom end of all this,
or I guess on the top of the pyramid scheme, so to speak,
for me, I wanna see some of the revenue of that, right?
So I should have had an agreement,
when my agreement with you giving you exclusive license,
it should have said, if you sub license,
I give you the right to sub license,
and I take X percentage of any sub licenses you provide.
And I also have what's called a right of first refusal,
which is if I don't want you to license to that party,
you can't.
That's another thing that when we go deep
into the portal, you'll see,
there's a right of first refusal, that's what it's called.
Anytime you do a license to another party,
and you're gonna allow them to do a sub license,
make sure you have what's called a right of first refusal.
Really important term to add to every single license,
because that means that anytime they try to sell something,
license it to another party,
they have to make sure that you approve it.
Now, why is this really important?
Let's say your number one arch rival is ABC Corporation,
and I've licensed my technology to Larissa.
Larissa doesn't know that ABC Corporation,
I love Larissa, so I'm like, you take a license,
and you go ahead and you can use this thing,
and I just want 5%.
That's why I say I want 5%, that's it.
Larissa says, wow, I get to keep 95%, that's amazing.
I'm gonna go out there,
and I'm gonna sub license to other parties.
But now my arch rival is ABC Corporation.
Larissa doesn't know that.
She's just doing her own business.
So now all of a sudden, ABC Corporation
finds out that Larissa has a license.
So what do they do?
They know they're not gonna get a license from me,
because they're my arch rival.
So they go and they approach Larissa.
Hey, Larissa, let's go out to dinner.
Hey, why don't we take you out to our resort?
We have a resort over here in Mexico.
We'll put you up at LeBlanc and in Cabo,
and we'll have some business meetings.
After they've wined and dined her,
they say, hey, we're really interested
in this license over here.
Can we get a sub license to you?
Larissa's like, this is great.
The sushi was good, everything was awesome,
service was great, absolutely.
Take a sub license.
She just licensed to my arch rival without even knowing it,
and I can't do anything about it
unless I have a right of first refusal.
With a right of first refusal,
Larissa now has to call me up.
Hey, Peter, yeah, I'm working on my tan over here,
getting a massage and hanging out in the hot tub.
Life is good.
I'm about to get a sub license to ABC Corporation.
What?
I hate ABC Corporation.
They ripped off this person.
They stole this employee.
They did this bad, that bad.
No.
Larissa's like, oh, I guess I'll wait till the week's over.
Then I'll tell them that we're not licensing.
So that's how it plays out in real life.
So make sure you use a right of first refusal.
Peter, what if I own Burger Town as an LLC?
Does that change anything?
If you own Burger Town as an LLC, you're asking, does it, does it change in the licensing situation?
Um, no. Does it change in, uh, yeah, yeah.
In the scenario, you mean?
Yeah, in the scenario.
Okay, so let's, let's go through that. Let's go back to the scenario over here. Let me move this over.
Sorry for that aside, but that, that thing is going to save some of your corporations, what I just told you.
That one statement will save you from the competition, just that one line.
Um, so don't forget it. All right, write it down somewhere. All right.
So look, look at a number two, your number one selling burger is the belt buster.
We talked about that being trademark number one was you own a small company.
So that's the case.
Like what we're referring to, Karen is in scenario number one, you own the small company.
It's your company.
So if it's like a sole proprietorship, the question is, do you care if you assign our right title and interest to the company?
If it's your company, like you're a sole proprietorship, who cares? Right.
I mean, that's basically the question is, you know, well, it's mine.
I'm the only one who makes the decisions anyway.
So what's so wrong about that?
You know, I, I mean, if I, if I assign it to the corporation, I don't really lose any rights.
Really, I guess it really comes down to down the road.
What's going to happen? Like, what's your, what's your strategic plan as a corporation?
A lot of startups, their strategic plan is to sell or to get another party to, to merge with them or acquire them or buy them out overall within three to five years.
That's what most entrepreneurs are trying to do.
You know, serial entrepreneurs, not people that are building things for their family or like a long term business.
Serial entrepreneurs want out three to five years.
They do not want to be in that thing after five years because they're losing.
They feel like they're losing money if they continue.
So there's this. I'll add this for all of you to understand.
There's different levels of investors.
There are what are called angels. Then there's what are called VCs.
Right. So angel investors typically will invest anywhere up to like a million, maybe a million five, you know, into a company.
Then there's VCs. VCs don't usually get involved until you're like over the million area.
Those are called venture venture capitalists.
Those guys, they don't jump in until you're like high money.
They're not paying. They're not jumping in for 200,000.
They don't care about you. You're not you're not even on their radar at 200,000.
Like if you're trying to get a loan, there's another thing we talk about in the portal.
If you're trying to get a loan, there's like small business loans.
There's all sorts of other things that are available for finances.
But a VC is not going to talk to you. Not going to happen.
Now, there's a cost associated with money that you borrow.
That cost is either percentages that you have to pay back or percentages of your company that they own.
So as you're growing in your company, be careful.
Don't start getting what I call expensive money to back you up.
Expensive money is where, you know, I'm giving them not only a royalty, but I'm giving them a part of my company.
Like I've got to give you 25 percent of my company.
Plus, I'm paying 10 percent interest on the hundred thousand dollars that you give me for me to run.
That's expensive money that you just purchased.
I would much rather be dealing with cheap money, you know, like a loan, SBA loan or something else like that,
where I can pay it back over time, but somebody is not taking percentages of my company.
Because as your company grows, the way for you to get other people to buy you out or other people to invest in you is they want to make sure you own the major shares.
They don't they don't want to buy into something where 80 percent is owned by somebody else that it doesn't work.
So I'll stop there. I'm getting I'm getting too deep. I'll stop right there.
But just remember, there's expensive money and cheap money.
Expensive money is where somebody takes a portion of your company.
That's expensive money. Because if your company grows, 10 percent of a, you know, 10 percent of a company worth one hundred thousand dollars is ten thousand dollars.
Ten percent of a company that's worth a million dollars is one hundred thousand dollars.
Ten percent of a company that's worth one hundred million dollars. You getting it?
It's ten million dollars. Like, but that's the same deal that you ran.
It's just that your own time and efforts made that company grow.
So that person who invested ten thousand dollars into you just made ten million because of your work.
That's expensive money.
So make sure you know who all the terms associated with any money that you borrow.
All right. Let's go to number three. Number three says you have.
of a website advertising the company,
providing a menu, describing ingredients,
preparation techniques, and health information
regarding each item on the menu.
This is more complicated.
At least copyright.
Copyright, Axel, come on, bro.
Well done, well done.
Anything else jump out at you guys?
Trade secret.
Trade secret, ooh, who said that?
Karen.
Karen, that was good, yes, absolutely.
Potentially there could be trade secrets there
under preparation techniques.
Could be trade secrets.
Yes.
Also can be patents.
Patents, yeah.
Patents, there it is.
I was waiting for you, Samuel.
Yeah, I knew it was coming.
Yeah, that's so good.
You've got-
And then also, oh, sorry, sorry, go ahead.
No, you've got the potential there for patents.
Absolutely.
What were you gonna say, Brittany?
TMs, TM for, what is it, TM for logos on the website,
on the menu, on whatever, wherever it is.
Absolutely, logos.
Your copyright notice on-
Words probably too, right?
What was that?
Words probably also, is that correct?
Yeah, I mean, if there's a slogan,
trademark could definitely step into there.
On your menu itself,
you've got the potential for copyright, like we mentioned.
There's a whole mess of things that you can look at.
But you notice how all of you now
are able to spot all those things?
You're like, oh, there's some copyright issues.
There's some trademark issues.
So well done.
I celebrate you guys because in the beginning,
you probably just were thinking,
well, maybe there's something there that I can protect,
but now you see all these things, right?
So now we're going to take the long, the long one,
the long paragraph, paragraph number four.
All right.
You have a new process.
Patent.
Patent, yeah.
That's great.
I love that, I love that.
I didn't even finish.
You have a new patent.
Yep, got it.
That's exactly right.
That's what I was on.
I love it, I love it.
That's exactly right.
Let me just double check something here.
Yeah, okay.
So you have a new process, absolutely patent,
for keeping inventory of burgers prepared
and for determining loss of profits
by using a novel, novel means new, right?
Patent, pressure sensitive device
located within a grill used for preparing burgers.
All right.
Check this out.
This is actually a pretty cool written paragraph here.
Tell me how many patents
can come out of this one paragraph, right?
So we just covered the first part.
You have a new process for keeping inventory
of burgers prepared and for determining loss of profits
by using a novel pressure sensitive device
located within a grill used for preparing burgers.
The next sentence says,
the burger is placed on an indented surface
of the grill during cooking.
Next sentence says,
the indented surface has a pressure sensitive switch
that is thrown when the weight of a burger is detected.
Next sentence says,
software within a computer is capable of comparing
the number of detected burgers to actual sale of burgers
to determine how many cooked burgers were never sold,
burn, drop, free replacements,
claimed as a working benefit
of a disgruntled employee named Peter.
All right.
So yeah, out of all of those,
how many patents do you see there?
Five.
Who said five?
Karen.
Who said five?
Karen.
All right, let's go with you first.
Let's walk through them.
Let's just see what we got.
Can you pull the paragraph down?
Absolutely.
All right, let's start here.
All right.
So your new process is a patent.
Your novel pressure sensitive device is a patent.
Your indented surface is a patent
and your pressure sensitive switch is a patent
and your software is a patent.
That's possible.
Absolutely possible.
Everyone that you just mentioned is absolutely.
Helene, you're here.
Happy birthday to you.
Happy birthday to you, Helene.
Happy birthday to you.
Congratulations, you're 29.
Well done.
Right.
That's awesome.
I'm glad you showed up.
Thank you.
Happy birthday.
I would think there'd be one patent for the novel grill
with the whole thimples and the switch.
That's one device.
There's a lot of ways you can break this down.
Let me break this down for everybody.
So as a patent attorney, this is what I would look at.
So I could file one patent with everything,
which would be a monstrous conglomeration of everything.
But if I do that, the problem with that
is that I'm going to have to have multiple claim sets.
So one on the software, just like was just stated.
I have to have one on the software, one that's
talking about the indented surface.
If it's a new type of sensitive switch,
I could have one on that.
I could have one on the process itself.
I mean, there's multiple claim sets
that I would have to have.
And the reason why you may want to file different patents
is because if you have different patents,
you can license them to different people.
See?
The person who's interested in your pressure sensitive switch
may want to use that pressure sensitive switch
for something else.
They might not want to use it for making burgers.
They may want to use it for the bottom of a tea kettle
so that if the tea kettle tips, the thing automatically
turns off.
You see?
Because not only is the pressure sensitive switch
feels the pressure of the burger,
well, what if you just made the condition of the pressure
sensitive switch that the thing is off, is actually on,
unless there's no pressure?
So now you can use it as the bottom of a tea kettle.
So it's capable of being turned on.
But once it falls over, you can't turn it on.
So now you can stop their fires and all sorts of issues
just by having that.
And actually, there is a device called the tilt switch.
My client actually creates tilt switches.
That's one of their products.
And they're in practically every device that's out there.
They're even in cell phones.
They're everywhere.
Tilt switches, right?
So the beauty of having different patents
is that you can license them to different parties.
You don't have to license the tilt switch technology
to McDonald's.
You can license the tilt switch technology
to somebody who makes tea kettles, right?
But if you put it all in the same patent,
then it's all focused on burgers.
And you have only one claim set.
It becomes more difficult to license out
this burger-focused thing to Raytheon
for creating some kind of tilt switch
that can be used in a rocket.
OK, so it's now there's a disadvantage
to having many patents because they're expensive.
They're very expensive.
The beauty of patents is that you automatically
get 20 claims.
You get multiple independent claims, dependent claims.
We talk about this in the protection portal.
So you'll learn more there.
I don't want to kind of overwhelm you on the last day.
But the point is that you want to have it
so that whatever the invention is,
if you think you're going to license that to a certain party,
you want that patent standing alone.
So you can license it to that first party.
And if there's a different aspect of the invention
that could potentially be licensed to another party,
file another patent.
It'll just allow you to make more money.
Just license to all sorts of people, OK?
All right, let's go to the last one.
That was really good.
You guys are doing a great job.
All right, the last one here.
This is the last one.
You also sell a new drink called HungerAid.
Everyone.
Patent.
Trademark.
Trademarks, right.
That everyone loves and no one knows how to replicate.
Trade secret.
And somebody also said patent.
It's actually true.
You can actually do patents.
And that's actually a correct answer.
But if you do the patent, then within 20 years of filing,
everybody else will be able to do it.
And you can't stop them.
So if Coca-Cola filed a patent, then all of us
would be able to create Coca-Cola.
And Coca-Cola couldn't stop us, OK?
This is why you have other companies out there like Pepsi.
Why is it that Pepsi didn't come up
with the exact same taste as Coca-Cola?
Because they couldn't.
If they did, they would have committed potentially
trade secret infringement.
Or there would have been some kind of lawsuit
for copying the formula of another party.
Peter, why don't pharmaceutical companies
do trade secrets then?
Um, the reason why pharmaceutical companies generally don't do trade
secrets really is because you can break down the composition of pills pretty
easily. The technology is so advanced these days. I mean, quite frankly,
you can figure out how to make Coca-Cola. It's not that difficult anymore.
Like way back in the day, it was difficult,
but these days the technology is so advanced.
You can get all the different,
all the different parts that are associated with it.
You can figure it out.
The tricky part with pharmaceuticals is not the components cause you can figure
out the components. The tricky part is the method of creating it. Right.
Because there may be like a portion of like,
like, like maybe,
maybe these two chemicals were combined with in,
in a gaseous state of Argonne, you know,
for exactly five minutes before introducing such and such.
So getting that timing sequence is kind of hard, right?
But pharmaceutical companies would much rather have the patent where they can
stop anybody from ever competing with them for at least 20 years from
filing,
then have a situation where somebody's brilliant, you know,
does a decomposition and then does testing, testing, testing, testing, got it.
Then they go and they get FDA approval. And now they're competing.
The big issue with pharmaceutical companies, honestly,
is pharmaceutical companies spend a lot of time in
testing. I'm not, I'm not a, a big fan of pharma.
You know, I'm not, I'm not trying to, you know, sing their praise.
I'm just telling you what they, the hardship that they deal with.
I think there's good pharmaceutical companies and there's bad pharmaceutical
companies. It just, it's part of every business. There's always good and bad.
Right. So in the pharmaceutical industry,
it takes a lot of testing to actually come up with something that's going to
work.
So you might have like five different things that you're going after.
One of them hits, but you spend so much time on testing,
going through mice, going through monkeys,
going through all these things that they do to then come to humans and do like
trials. I know it's, it's pretty bad, but then they go through human trials and
they, you know, people that are in a desperate state are like, I'll,
I'll be in the trial. I don't care because they, they, they need help.
So now they're going through that.
And then they finally get FDA approval after like 14 years.
So that means they only got six years left on their patent.
And now they have to make up the millions of dollars that they've spent in the
creation and the testing and the trial, the trials with the FDA, blah, blah,
blah, blah, blah, blah, blah, blah, blah, blah,
to finally get that pill on the market and say nobody else.
And that's why you get a pill for 500 bucks.
It compensates for R and D basically.
Oh, absolutely. Yeah. And it's even more than R and D.
It's like the testing, the approvals through FDA. I mean,
it's so many levels that pharma has to go through the fact that
I don't know where everybody's opinion is on COVID, right. Uh,
there's people that are, yeah, it existed. No, it didn't exist. Yes.
This works. Yeah. No, that doesn't work. I'm not going to dispute that here,
but what I will say is the fact that a pharmaceutical product came or that
a, that a, a vaccine, quote unquote,
got approved by the FDA within eight months,
unheard of, unheard of. I mean, I'm not,
I'm not digging into whether or not it works, doesn't work,
whether you do it, don't do it, whether it's spiritual or not.
I'm not talking about that.
I'm just saying for a company to come out with a vaccine and for it to get
approved within eight months does not happen. Show me another example.
Does not happen. So that, that was an exception to the rule.
That is not the way pharmaceuticals work.
That is not the way vaccines usually work.
Usually it takes 12, 13, 14 years to get FDA approval.
So that's why pharma charges so much for a single dose and why,
you know, it can literally take you, um,
what you'll see is the day that the patent expires,
you will find two dozen companies come out with a generic boom,
literally the day after because they respect patents.
Patents are important.
Did you know that the president at one point was contemplating,
um,
canceling the rights to certain pharmaceutical companies associated with
certain patents because they felt that the president at the time felt that,
uh, that pharmaceutical,
that drug was needed so badly to save people in the United States,
that they were willing to try to bypass the rights under patent law.
It didn't go.
through, because there was a massive, massive battle. They're
like, Oh, no, you can't do that. This is a private right. You
know, you can't all of a sudden say, everybody gets this for
free. You can't do that. That's not legal. So it went back. But
the point of the matter is, even the government acknowledges the
power of a patent, one patent, you can file a patent
application. And that patent application can be grabbed by
by the government. It's called a black patent. Right? And they
use that because of the term blackout, you know, where the
lights are shut off. So they essentially shut off the lights
to the patent, the government sees the patent, and there's
certain categories of what's called black patents, where they
say, the rights in this, Larissa, you guys slow down
there. You're, you're just I see you swigging and like, soon
you're gonna fall off your chair, you know? This is not
legal advice. All right, go ahead and drink. Now you can
drink. Okay. So the, the case is that if the patent has to do
with security, like I used to write patents for BAE systems,
right? We wrote a patent on something that'll blow your
mind. Okay. The way the patent worked was, and this is public
domain now. So I could tell you about this. I wrote the patent
on this. The way it works was it took advantage of a satellite.
The satellite was able to shoot a beam down. Okay. And as a shot
a beam down, it was able to determine, because of
reflection, it was able to determine exactly what kind of
scopes were being used on the weapons of a platoon or people
on the ground. Okay, because there's only a certain type of
scopes that you use on certain weapons, right? So if you're if
you're using like, like heat detection scopes, they know
that's not a handgun, like that, that's a different kind of
weapon. So they know exactly what kind of weapon lines up
with that specific bandwidth, that focal, you know, that focal
lens, everything, they analyze all that. So now once that comes
back, now I can look through an index and say, okay, these guys
are using ar 15. Or they're using whatever it is. So now I
told my troops, hey, guys, the guys in the town that you're
going into, they're using ar 15. That means that means you need
to use this weapon and you need this kind of armor. You see,
like, now, when we filed that patent, the government said,
Whoa, hold on. Like, are you seriously telling me that your
technology can determine our own troops, like us troops? What
kind of weapons the US troops have in every country of the
world? Is that what you're telling me you filed a patent
on? And we said, Well, that's not the intent, but it could do
that. Blackout. They called it a black patent, literally, they
sent out a communication, your patent has been grabbed
confiscated by the United States government. While we're doing an
analysis to determine whether or not we're going to allow your
patent to issue or be examined. Because they, if they allow it,
after after 18 months, 18 months, year and a half, 18
months, yes. After a year and a half, your patent publishes,
unless you ask for non publication. So that means a
patent on this technology for determining what exactly these
these troops have for weapons on the ground, was going to become
public domain within 18 months. All right. I mean, think about
this for a second. This is a big deal. National security risk.
Yeah, yes. Yes. It's a national security risk. So the
government said, Oh, I don't like this, you know. And I
actually, as I was following the patent, I was thinking that I
don't know, I don't know, we're getting far with this, guys, you
know, I'm getting paid either way, but I don't think you're
getting jack or Jill out of this. And it happened, black
patent, shut it down. And we had to wait, I think it was five
years before the government actually approved even examining
it. You know, so that that actually, the power of a patent
is recognized by many institutions. Samuel, go ahead.
Yeah, so I have a question on nutraceuticals, and
nutraceuticals. Yeah. So as you probably know, I'm not a big
pharma proponent myself. And I was just wondering what your
experiences with patenting nutraceuticals kind of like
highlight on the process and how you know, what's the Yeah,
great question. Great question. All patentable. All of it is
patentable. All right. But here's the thing, which is a lot
of nutraceuticals, they're using substance
does that obviously already exist, right?
They're combining them certain ways.
They may use some kind of heat processes
to maintain the properties of the original elements,
but you got to be careful
because if used over certain heat levels,
you destroy, you know,
I'm not telling you anything you don't know.
I'm just kind of saying so other people understand
what you're talking about.
So there's certain techniques
that are really important to working with nutraceuticals
because, you know, you heat up garlic over a certain level,
you kind of destroy the properties of garlic
that are actually used to destroy bacteria.
You know, so garlic is very powerful.
You know, even better,
there's a product called Cat's Claw.
Cat's Claw is very powerful.
That thing will come after lime.
You know, it'll destroy things.
Did you guys, actually as an aside,
just so you guys understand something.
Before lime existed,
the actual, this is so amazing.
Before lime existed,
the weed that is actually very effective
in destroying the,
what are the words?
The bacteria that's associated with lime.
Didn't exist.
Like they've proven this.
Like they didn't see it.
Like they didn't find this weed anywhere.
But all of a sudden this disease pops out out of nowhere.
And then all of a sudden to match up with the disease
out of just the divine,
this plant manifests all of a sudden.
That actually has herbal properties
that will attack Babsia and all this other,
you know, bacterias that can actually damage
the body.
I mean, that's like,
if you look into lime disease
and you actually analyze this stuff,
you will, it'll blow your mind.
Like of the thing.
So anyways, to answer your question, Samuel,
there's multiple things that are potentially patentable.
There is the final product.
And there's also the method of making that product.
Okay.
So, because in a lot of cases in what you're talking about,
that process is not as simple as take one scoop of this,
place it here.
One scoop of that, place it there.
Shake, shake, shake, drink it.
Done.
No, it's way more complicated than that.
And so for that reason,
that whole process is potentially patentable,
but that begs the question of whether or not
you want to maintain it as a trade secret.
So, you know, the principle,
the properties of the final product can be discovered,
but you need to ask yourself,
is it the case that nobody's going to be able to determine
how to make this?
Even though you understand that there are tires,
there's a wheel, there's like an engine,
just looking at the tires, wheels and engine,
you're just not going to know how to make a car.
Is that the case?
Or is it the case that, yeah,
people are going to be able to figure it out.
That's the difference between filing a patent
or maintaining a trade secret.
You should ask yourself,
if you're trying to determine,
do I file a patent or do I maintain a trade secret?
You should ask yourself, is this reverse engineerable?
Can somebody who buys this thing,
break it down and determine what's in it and make it?
If they can, patent all day long,
because you can't get a trade secret
on something that other people can reverse engineer.
It's not enforceable.
It's just not going to work.
One of the exceptions to a trade secret
is that you reverse engineered it.
So it doesn't work.
All right, I am going to answer.
Does that help you, Samuel?
Yeah, it does.
Just one more thing.
Yeah, go ahead.
The FDA working with pharmaceuticals,
the pharmaceuticals actually, from what I understand,
actually had set up the process for these hurdles
to make a high barrier to entry for other people.
And also working with the FDA
to also classify diseases, conditions as diseases,
so that they can then,
only they can come up with a solution legally
and anybody else can be, you know,
they can enforce it.
Yeah, don't get me started, man.
Yeah, exactly.
Don't even like, yeah, let's keep it happy here
because it's like, it's so bad.
There's so many regulations, there's so many things.
And just to know,
I know people in the pharmaceutical industry that I love,
they're good at what they do.
And I'm grateful for different drugs and stuff
when they're needed, right?
But there's a section of it that is very dark.
You know, it's just not pleasant.
And quite frankly, I mean, I'll be honest,
there's a section.
section of supplements. That's very dark. There's a section of
you know, ministry. It's very dark. Like it's, you know,
darkness will try to invade any area that you will allow it to
exist. But you know, the way people usually address darkness
is they keep addressing the darkness. It's like, no, if you
walk in light, darkness, please. That's why focus on light.
Darkness just goes. When you walk into a room, you don't say
darkness flee. You just turn on the light, the darkness goes
done. It's over. Like stop focusing on the darkness all
the time. It's just a waste of time. Alright, so with that, I'm
going to take one more question here. Oh, this is hard. You
guys. Oh, you guys are. Okay, I'm taking Brittany, are you in
the portal? You are Wednesday, we're going live. So you could
ask 4 billion questions. And on Wednesday, I'll give you I will
give you the first question in the portal on Wednesday. Okay.
You have number one question. So that breaks it. Is that okay?
I'm not hurting you by doing that. Am I? Okay, good. Alright,
so by that we go down to Axel and Karen. So Karen, go ahead,
Axel. What are you gonna say? What?
Okay. Just thank you, Peter. I'm Brittany. But because I don't
know if Karen
had asked you a question. I'm gonna I'm gonna answer your
question. I'm gonna answer Karen's. Oh, mine. Yeah, good.
Okay. Okay. So I'm seeing the categories of protection from
the diagram that you sent to us via Facebook from the first day.
So I see that patent patents may include methods and systems.
Yes. And in the software world, I know that software may be
patentable via methods and system of etc. But I also see
functionality of software as a category. And I don't know,
which or what the differences are between
Yeah, let me I'm very happy to explain that one. Okay. Move
this over. Okay, so under patents, where it's talking
about functionality of software. So that functionality of
software as a method, anybody who's ever used software before
um, you know what I'm gonna do? Hold on a second. Brittany still
here. She is. Brittany, I'm gonna answer your question. I
can't. I can't do what I just did. I don't have a heart to do
that. I'm just it's so hard for me to like say no to people.
Alright, so um, so on the patent side, the functionality
associated with a software, usually, if you've ever written
software, you start out with a flowchart, like I'm going to do
a and then I'm going to do B, and I'm going to take the
results of B, and I'm going to do this and come up with C. And
those are like the sequence. That's like the sequence that's
utilized, right? So that process is a method that method is
protectable by path. Okay. All right. Now let me go over to
let me move up. Karen, one question, my friend. Go ahead.
I'm you. I'm you.
There you go. On trademark, our trade secrets. What's the the
process? You just keep it a secret.
Yeah, that's a whole other. Are you going to be in the portal?
You know,
I don't I don't have the cash flow right now. I'm trying to
get
let's talk. We'll talk separate. We'll have to figure something
out because you're dealing with a lot of stuff. So I might just
kind of talk with you a little bit and see if we could figure
something out for you. Because you need it. But alright, so
trade secret.
There are multiple things, multiple things that are
required on the trade secret law, like a lot. The the
information can't be accessible to the public. Which means you
can't just put it on even a local area network can't be
there either. It needs to be like what I would do is I would
like a standalone computer, right? The only people who can
access that are people that have the authority to access that
nobody else. Like don't put it in the middle of the office
where the janitor can come in and type in and say, Oh, wow,
that's your formula, like it's gonna be hard to enforce. So
there has to be multiple layers, multiple layers of protection,
meaning accessibility, people, like and and what I tend to tell
people is, is you should also have policies associated with
it. Right? So that these policies make it clear that this
is not public material like this is not accessible to the
public. So it can't be on your website can't be you know, can't
be on your local area network should be standalone computer
only certain people access it.
like there's multiple requirements.
And under trade secrets are actually determined,
there's different regulations per state.
Like different states have certain regulations
associated with trade secrets.
So even though there's like a federal aspect to it,
there's also a state aspect to it.
So it's a very complex area.
So if you're trying to maintain something
as a trade secret, don't describe it to anybody,
don't put it anywhere anybody else can access,
make sure it's in a standalone environment
and keep it very quiet, very quiet.
You know, and just remember,
you should have a warning on there that says,
anybody who accesses this will be shot on sight.
That's very important, very important for enforcement.
All right, I saw it on a 007 episode, very important.
So it's gotta be true, it's gotta be true.
Okay.
I'm gonna repeat it, that anyone who,
I'm literally writing it.
It's a joke, it's a joke, not true, not true, not true.
I'll just write, phew, phew.
Definitely, definitely not true.
What I said is anybody who accesses this
will be shot on sight.
Oh, okay, okay, okay.
Do not put that, not, it's a joke, it's a joke.
All right, my friends.
It's not legal advice.
Not legal, yes, we will close by drinking.
That was not legal advice.
I love you guys, you guys are great.
All right, and with that,
it's been an incredible honor to host all of you.
TJ, what's up, brother?
You were gonna answer my question from yesterday.
Go ahead, say it again.
So, well, I ran into a challenge.
Once I registered with the port
and it wants to double verify me,
that's no problem.
How many traffic lights?
I can do that, but then it takes me to a page
of authentication of some kind
and put an authentication app on your phone
and I tried Google and I tried-
Oh, yeah, I saw that, you published that.
Yeah, let's DM on that separate.
Yeah, so my question from yesterday is
the new name that I came up with for my tiny home business
and the tiny home village can fall under that same name.
So when I search, you know,
so tiny home manufacturing is contracting.
Do I look under contracting?
And then the tiny home village,
would that be under real estate?
I mean, if I'm looking in specific areas
to find out if it's not already being used,
how do I go about that?
Remember the list of international classes
that I posted in the Facebook group?
I would look in there and look for anything
that's similar in the field.
And then I would search all of those international classes.
But remember the very first thing I told you,
do not rely upon your own search, hire an attorney.
No, I understand that.
Because that very question that you asked
means to me that there are things
that may be related to what you're doing.
You got to make sure you're clear
so you don't get in trouble.
I understand that, but I wanted to become prepared to you
or whoever I-
Absolutely, brother.
But now can we handle the authentication thing?
Because now I can't-
Yeah, we'll do that separate.
I'll DM you.
You and I will walk through that
because I saw that glitch
that there's like multiple layers of authenticity
that's been added.
And actually the USPTO just added another one
because what's happening is people
are hacking into the system.
It's deeper than just a double authentication.
Yeah, yeah.
We'll walk through it together.
What I can do is send you like a Skype
and we can try to do it together.
So thank you.
We'll see if we can figure it out, right?
Stay blessed, everybody.
All right, Larissa,
did you have something to say before I close?
I was actually, not really,
but if you wanna check your DM real quick,
look at your chat.
I'll check my DM.
Oh my gosh, hold on.
Just at the bottom.
Yeah, scroll all the way to the bottom.
I should be at the bottom.
I see a smiley face on the bottom.
That's Tracy, just above that.
The other day you said you would try to get to this.
Thomson Reuters?
Yeah.
Yeah, I'm gonna put the link in the Facebook group for them.
Okay.
Yeah.
Yeah, so basically Thomson Reuters
is one of the formal trademark searching entities.
So we'll just put the link in there
so you guys can check them out.
Yeah, I just, I felt like you hadn't said yet.
So I apologize if you have said,
but it was so important that before,
like if people understand like what goes,
what you're paying people to do
with like the Thomson Reuters searches,
like even a paralegal.
Oh, that could take hours and hours,
but this brings it down.
Am I saying that wrong?
Well-
So, all right, just so people understand,
when you hire a third party to do a search,
they have their own searching ways that they use, right?
Thomson Reuters is probably the best.
They're probably the best out there.
They will give you literally a book of results.
So, what I would say is,
if you're gonna have a formal search done,
I would use Thomson Reuters.
Like, I don't get anything out of this.
And I'm gonna put this in the Facebook group.
There's no affiliate links for Thomson Reuters,
just so you know.
It's a massive corporation.
They don't use affiliate links, it doesn't exist.
So, I'll put it in the group for you guys.
And with that, my friends, it has been a remarkable honor.
I hope to see you guys in the portal.
Sign up if you have a question on that.
Ping me, DM me, whatever.
Let's get you in there so we can take care of you guys.
And then separate from that,
I hope you've enjoyed it.
Let other people know about this challenge
so that they can enjoy what you've enjoyed.
It'll probably be a week before I update
for the next challenge, which will be in September.
And the beauty is, you will have,
you've been through the process,
so you'll be able to speak life into other people.
And you'll see, you'll see all of a sudden,
people will just be drawn to you
and you'll be able to guide them.
You'll notice, it's just the way it plays out.
All right, you guys, bless you all.
I'm gonna jump off.
Larissa can close off with all of you.
Please fill out the review form for me.
That means a lot to me
because your opinions are important to me.
Rae, did you have anything?
Yeah, I have a question.
Do you, are you okay with me resending out that email
for the feedback form right now?
I can just send it so it's at the top of everyone's inbox.
Yeah, sure.
Yeah, Rae, you're awesome.
I appreciate that.
Gotcha, guys.
All right, let's see.
And tomorrow, that's correct.
Tomorrow's the bonus day.
That's right, so we'll post that.
All right, I'm gonna jump off.
Larissa can finish off and talk to you guys later.
Thank you.
Take care.
Thank you, Peter.
You're so welcome.
Take care.
God bless you.
Feedback form is amazing.
And if you wanna say anything else, drop some love.
We save these chats on purpose
and then Peter can see like little loves.
You're just feeling it today.
Fire emojis, hearts.
How very important.
The bonus is at Eastern time, 12,
just like the same time we've started all week.
Boom, tomorrow, same time, same station,
same regular challenge link.
Well, there's an event in the event tab,
so he might've had to extend it.
So in the Facebook group,
and Rae, you're gonna put that link for bonus day.
Is that gonna be in the email?
Yeah, I'll send it in the email so everyone can access it.
I'll make sure it's in Facebook as well.
I'll make sure you guys get what you need.
Yay.
Go ahead, Rae.
Oh, sorry.
I just emailed everybody that feedback form as well.
So you guys got it.
It helps Peter and me and Larissa and everyone on our team.
It helps us so much to hear how it was for you
and how we can actually make things better
for every other person,
challenge all your loved ones that you bring in.
We wanna make it the best we can.
So please, please, please fill that out for us.
It helps a lot.
Helene, you got some love to share?
I just wanted TJ to know, I sent him a private DM there.
In my other group that I'm on at the same time as this,
the Kingdom Warriors, there was somebody there
who was interested in tiny homes for vets.
And so that's where I want to try to connect the two.
So maybe it's a win-win.
Oh, community.
So good, so good.
We love you all.
We thank you for being here,
for soaking it all up, for being great sponges
and for processing.
You're just beautiful people.
Beautiful to see your faces every day.
Really, we have to look at them.
I'm just kidding.
No, we do.
I mean it from the bottom of my heart.
We love your hearts.
We love your faces.
There's favor in your faces, victory in your voices.
So have a fun day.
And hopefully we'll see all of you tomorrow.
Thank you.