In the early 2000s, MIT alums Drew Houston and Arash Ferdowsi designed a way for multiple users to share folders across a network. If this idea sounds familiar to you, that’s because you probably use it, or something like it, every day.
Houston and Ferdowsi called their design Dropbox, and filed a patent for this revolutionary idea in 2010. Their hard work and smart negotiating have become the stuff of legend in the tech startup world.
It’s no wonder that tens of thousands of new tech patents are filed every year. These inventions not only keep the modern world running, they’re potentially worth a lot of money! Let’s explore a few tech patents that changed the world and made their inventors rich …
1. Amazon’s One-Click
Amazon.com, Inc. filed for a patent on its one-click technology back in 1997. This feature allows customers to use their stored credentials to purchase things online with just “one click.” Talk about high conversions! This technology has helped Amazon become the behemoth it is today.
2. FireEye Inc.
Former Sun Microsystems engineer Ashar Aziz filed a patent in 2005 for his company’s major product, a malware protection system. What was this product worth? According to a recent tax filing, around $700 million.
3. The Square
The product that allows businesses to swipe a credit card on a mobile phone was patented back in 2010. Can you imagine visiting a small business without relying on this technology? It’s no wonder this little device is valued so highly.
4. Theranos
When it comes to life-changing tech patents, it’s not just a boys’ club. Elizabeth Holmes, who made waves as the youngest self-made female billionaire on the Forbes 400, filed her first patent application in 2005. Here medical device, called Theranos, is a wearable patch that can monitor patients and administer drugs at the correct dosages. This invention is currently valued at over $10 billion.
5. Google’s PageRank
Let’s give Google props (as if they need any). Their PageRank technology, invented by Larry Page and filed in 1998, improved search result quality and launched Google to the top.
This is by no means an exhaustive list. Does it inspire you? With technology developing at a rapid pace, it’s not just computer geeks and IP lawyers who need to keep an eye on the future. It behooves business leaders and entrepreneurs, across industries, to consider the next big thing.
How Business Leaders Evaluate New Tech Patents
Google is one of those rare companies whose success is so complete as to have become part of our world’s larger vocabulary. But no one has a crystal ball — not lawyers, not stock brokers, not even tech geniuses.
When it comes to intellectual property, evaluating an individual patent comes down to three main things:
- What is the quality of the underlying invention?
- Is the patent well constructed?
- Can businesses extract value from the patent?
Transformative inventions, particularly inventions that push technology forward, can clearly be worth a lot of money. While patents are often thought of in a purely legal sense, they’re increasingly becoming part of a company’s strategic planning.
What Could This Mean for Your Business?
Management of intellectual property is thus an essential part of business growth. Startups that want to increase valuation, deter patent lawsuits, or increase leverage in the market should consider protecting their ideas. If they don’t file for protection, they may run the risk of losing their technology to a larger firm.
Do you have an innovation you’d like to protect? There are options out there for tech startups that want to make a difference. If you’d like to learn more about protecting your ideas with provisional patents, contact us at Zachary Hiller. We have the expertise in intellectual property and commercial transactions that can help you choose the right path.
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