What business book has had the greatest impact on your career?
As a business owner for 17 years, the most valuable book for me has been ” The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It,” by Michael Gerber.
It taught me that I needed to set up systems so the company could run without me, and so it could run consistently every day whether I was there or not. That was a great lesson that allowed me to coach my kids’ sports teams, volunteer at church during the week, and take my family on our fair share of vacations — all without having to worry (too much) about what was happening in the business.
Efrat Kasznik (pictured right) is an intellectual property valuation expert who has close to 20 years of consulting experience. Kasznik, who is President of Foresight Valuation Group, works with clients by helping them evaluate, protect and ultimately commercialize intangible assets. She specializes in performing valuations and valuations of intangible assets for financial reporting, tax compliance, transfer pricing, litigation damages and business liquidations.
I was first introduced to Kasznik several months ago when I was trying to determine whether publicly traded corporations had an obligation to write down their patent portfolios and notify shareholders of the diminished value in the wake of the disastrous Supreme Court decision in Alice v. CLS Bank, which rendered many tens of thousands of software patents (if not more) worthless, or at a minimum worth far less. Ultimately Kasznik wrote The Impact of the Alice Decision on Corporate Assets.
Recently I learned that Kasznik has embarked upon a new initiative whereby she will begin working with high-tech start-up companies much earlier in their lifecycle. In our conversations leading up to this interview she explained to me that she sees start-ups make so many mistakes with their IP that by the time they have traditionally sought her business/valuation assistance there is little that can be done at time to salvage what was otherwise protectable IP. With this in mind I thought it would make an interesting conversation to talk with her about the mistakes she sees, the patent market in general and what she hopes to do to help start-ups moving forward.
Without further ado, Click here to read my conversation with Efrat Kasznik.
New patent laws in the U.S., the long backlog at the patent office, as well as the increased risk of patent litigation, make it absolutely critical for a startup to start building its intellectual property (IP) portfolio as early as possible.
Unfortunately in our startup advisory practice, we repeatedly see startups come to us after they have mismanaged their IP strategy, either as a result of ignorance about the process or as a result of miscommunications with their patent lawyers.
Many entrepreneurs are also getting misleading advice from investors and other Silicon Valley influencers who are misinformed about the basics of IP strategy. The implications of embracing the wrong IP advice can be devastating to startup valuations and successful exits. Read Full Article