Rich Goldstein is principal attorney at Goldstein Patent Law, a firm specializing in patents, trademarks, and IP (Intellectual Property) law. I’ve known Rich for many years — in fact our friendship extends back to the 1980s when we both attended Stonybrook University. Beyond running his busy law firm, Rich spends a lot of time speaking at industry events and also organizing them.
Getting some level of protection for one’s business idea or business process in the form of patents, trademarks, or other legal protections is crucial for entrepreneurs, but many may not be familiar with the terminology, so I asked Rich to walk us through these protections and how they apply to different business situations.
As Rich notes, getting proper legal protections for one’s intellectual property can provide enormous benefits to entrepreneurs when it comes time to sell their companies. Conversely, failing to do so can reduce the value of the sale and in some instances can actually be deal-killers.
Rich and I discuss the fact that patent protections are time-limited, and that entrepreneurs therefore need to pay attention to these limits in order to avoid having these protections lapse. In some cases provisional patents can provide a way to extend these time limits.
A lot of activity in the trademark/patent space is currently being driven by mergers and acquisitions, so Rich and I spend some time discussing the state of M&A today. We finish our talk with a look at what’s ahead for 2023, particularly with regard to activity in the events space, an area with which Rich has great familiarity.