There is a good reason it has been a month since my previous column. I am coming off one of the great adventures of my professional career: a trip to Tokyo as a co-host of the first-ever Patent Monetization Symposium. Thankfully, to say the event was a success would be an understatement on many levels. Considering the quality of the attendees and my co-presenters, however, that success should not be a surprise. On both an individual and collective basis, everyone was there to educate or to learn about current best practices and approaches to patent monetization, with a particular focus on the opportunities and challenges facing Japanese technology companies and investors active in the Japanese market. And the connection between presenters and attendees was established, with two hours of discussion and Q & A to a full room of interested high-level IP and investment professionals, followed by a cocktail hour in one of Tokyo’s most iconic venues.
As thankful as I am to our co-hosts, my partner, each of the presenters that joined us, our sponsors, and most of all the attendees, I am even more thankful for the upcoming chance to help shape the ongoing story of Japanese innovation. For over a decade, a big part of our practice has been monetizing patents sourced from Japanese technology leaders, but even that direct experience is just enough to tease an appreciation for what lies ahead. And how could it be otherwise, when even our Zoom-driven efforts to globalize our practice is just a pale substitute for getting on a plane and visiting potential business counterparts in person. Besides demonstrating respect and commitment to the effort, travel has a way of fostering creativity and enthusiasm on the part of the traveler in a way that can be very energizing. There is something invigorating about changing one’s perspective by getting out of one’s usual workflow and environment, especially when one is aiming to take on a significant challenge in the pursuit of growth.
(Before I get into some of what was learned about the state of innovation in Japan today, it is important to share some more general thoughts about mental and physical health. International travel is taxing, even when one gives consideration to flight schedules and dealing with jet lag on both ends of the trip. As important as it can be to think expansively about pursuing opportunities outside of our routine, it would be a mistake to discount the physical and mental strain of doing so. At the same time, attention to mental and physical health can be a potent spur for creative thinking and a willingness to tackle new adventures. Accordingly, this is as good a time as any — especially as the holiday season approaches –- for all of us to take stock of our routines and how we are treating our mind and body. For those interested, I am enjoying Andrew Huberman’s new book, which I find has many good ideas for busy lawyers to consider.)
While there may be tougher briefs than visiting a world-class city like Tokyo, when it comes to considering the IP position of many Japanese technology companies large and small, the challenge is a sobering one. On the one hand, many of these companies have proud histories of innovation -– and based on what we heard from numerous attendees, remain as motivated as ever to contribute to the world through the genius and creativity of their engineers and employees. Propelled by that driving force, as well as the significant financial resources that the Japanese investment community and government can bring to bear, the future is bright for Japanese innovation. On the other hand, many of those same companies are facing pressure to contain their spending, particularly with respect to maintenance fees on patent portfolios not tied to core ongoing business objectives. But cost-savings may not be enough to allow those companies to reach their goals for continued innovation, hence the interest in learning about patent monetization opportunities that may be available. Judging by the level of interest we saw in our presentation, as well as the quality of questions we received, the audience was paying attention.
With good reason, at least in my view. For one, how else would they get such direct exposure to all the different entities that underlie professional patent monetization today? Trial lawyers, insurance brokers, funders, damages experts and professional monetization managers all in one room, discussing a mock transaction from patent identification to acquisition to deployment to economic recoveries. Without living through the process, it can be hard to develop an appreciation for how much intellectual horsepower and diligence effort is needed to develop a single successful transaction. Seeing everyone involved on one stage underscored for the audience — and was a potent personal reminder — of how important solid working relationships are in the service of moving worthwhile deals along. (Defendants may not yet have developed that level of appreciation, but I think our audience did.) Furthermore, we tried to communicate that the macro environment for patent monetization is as good as it has been in recent memory. That fact, coupled with the immediate pressure on Japanese companies to make something out of their investment in their patent portfolios, should engender a lot of follow up discussions in the days ahead.
Ultimately, the success of any business development exercise is felt on a number of levels. First, when done right, the experience helps cement existing relationships and fosters a willingness to explore ways to deepen collaboration over time. Second, preparing for and presenting to others on the state of play in a given market has a way of sharpening one’s thinking about where the true opportunities lie — and where energies should be invested most wisely going forward. And lastly, there is a tangible boost in focus and commitment that arises when a new adventure is being embarked on. Helping Japanese companies rediscover the sun through the clouds when it comes to patent management is a task bigger than any one person or group. But I look forward to doing my part.
Please feel free to send comments or questions to me at gaston@k2k.law or via Twitter: @gkroub. Any topic suggestions or thoughts are most welcome.
Gaston Kroub lives in Brooklyn and is a founding partner of K2K IP Law, an intellectual property litigation boutique that also serves as a leading consultancy on patent issues for the investment community. Gaston’s practice focuses on intellectual property litigation and related counseling, with a strong focus on patent matters. You can reach him at gaston@k2k.law or follow him on Twitter: @gkroub.
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