THE NEW BUSINESS OF PATENT ANNUITIES

Above: Lincoln’s Inn as seen from Lincoln’s Inn Fields, London.

Up for today is my Harvard Business School (“the charm school on the Charles”) case study about the industry my Dad created — international patent renewals!

As the 1960s progressed, Dad’s new business quickly subsumed his “normal” patent practice. He did keep working for some select inventors who intrigued him but spent most of his time promoting his new renewal business as a modern, computerized clerical operation.

Corporate patent owners were delighted and sought him out.  On the other hand, foreign patent law firms worldwide were scandalized! The renewal work for them was heretofore easy money; it was a simple annual reminder operation that brought in huge fees for little work. They accused Dad of skimming the cream off their businesses. Many fought back, in some cases by petitioning their local patent offices NOT to accept such payment schedules sent in from foreign offices in New York. However, some savvy patent law offices quietly became clients, preferring to take advantage of the lower fees and passing them along to their clients to curry favor.

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THE BIGGER IDEA (AND ME AS WINGBOY)

So Dad got the idea for a fantastic business related to patent filings and infringements, kind of an amalgam between legal and IT but not a legal practice, strictly speaking.   As I am able to remember it, he had become friendly with Ed Greer, who was head patent counsel for the Union Carbide Corporation. Union Carbide was one of the biggest chemical corporations of the day and was headquartered in their own magnificent skyscraper two blocks up Park Avenue from the Pan Am Building.

It was a probably a simple matter for Dad to put it together that large corporate patent owners could benefit from some form of computer calendaring.

Keep in mind that a large company like Union Carbide owned a large portfolio of patents. They would initially file patent applications in the home country, USA for Union Carbide. And as they were a large multinational corporation selling their wares everywhere, once the patent applications were accepted here at home, they would then engage in an international filing program elsewhere, typically the largest 15 countries in Western Europe and then Canada, Japan, Australia, New Zealand, and maybe Brazil and South Africa to boot.

DAD’S REAL WIFE

This week we go into why my Dad is famous, at least in the patent profession. The next three posts are about his greatest number one hit in the charts. And it’s big!

As you know by now, dear reader, Dad was married five times to five different women. But in a certain way, Dad was really only married once. It was not to a lady wearing a dress and lipstick (though there were more than a few of those around) but to a business soon to be called “Olcott International & Co.” It was his life, and his masterpiece, just as the Mona Lisa was to Leonardo da Vinci. (He greatly admired Leonardo and thought of himself easily as da Vinci’s equal). He could share this one true wife with no one and he guarded her with a jealous Latin-blooded fury. (As I and others would haplessly come to learn).