Patent Power: Innovate & Prosper – Episode 654

This transcript was auto-generated and may contain errors.

[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, welcome to the podcast. We’re going to be talking about patents and innovations. This is something that you have pulled from two people, which is from Peter Diamandis and from Dan Sullivan, both very innovative thinkers. And when they say something, it comes with a lot of research and a lot of intentional thought. So why was this something that you’re reading the pulse on and saying, hey, let’s dive into this? Well, I have always enjoyed, and it is probably from Dan Sullivan literally 30 years ago, I would guess, the intellectual property space. So IP, as it is now called intellectual property, starts with very simple things like trademarks. And you can literally trademark anything. You can

[01:02] do it formally, informally, etc. We trademarked things like our prosperity pathway and other terms that we were using when we named things. Early on inside strategic coach, you’re taught to document your process and name it. And of course, we’ve had numerous processes over the time, numerous names. And then just in the last probably three years, I’m going to guess, this space around intellectual property has come into strategic coach again with a vengeance. And of course, now it’s up leveled to indicate areas of copyright protection. Of course, we have the blockchain and all the capabilities that we have there. Quick story on alpacas before we get too much into the actual patent areas with the company

[01:59] Paca, P-A-K-A. When you purchase an item from them, it comes with a QR code. And Spencer, I’ll put you on the spot. What does the QR code take you to? You know this. That QR code, that must take you to, I’m trying to, I haven’t been to that packet QR code. Oh no, you did put me on the spot. Does it take you to the products itself or what does it take you to? It does. On the blockchain with the animal on the mountain that fiber came from. No exaggeration. What that does is that creates, I imagine you’ve done it. Oh yeah. That must create an intimate experience. Unbelievable. Yeah. So cool. And they have really done it up. They have a storyline. They include some of the humans that care for the alpacas, et cetera,

[02:56] et cetera. But it’s everywhere. I mean, I like to buy these little goalie, G-O-L-I superfutes. And if you scan, I’m reading, with your transparency app, their QR code, it’s the same kind of thing. You get authenticity, I’m reading, origins, product date and more. And so this is the capability of blockchain and intellectual property and all of the spaces coming together. And now to go back to our storyline, the arena of patents, which is the top of the line in terms of intellectual property, is exploding. Now you have some statistics I’m curious about. Tell us. I do. So what we’re seeing right now, as far as patent growth, and I think what it is, I’m going to pull up this report because we actually have the specific indicators of that. This is not just patents of

[03:55] intellectual property. This is patents of physical products that we’re seeing because of 3D printers. We’re seeing every single thing out there. So on this report on page 104, which is we’re seeing a patent increase of 6,000 more patents granted in 2024 versus 23. We had 6,300 more patents granted in 2003 versus 1995. So if we look at this chart, it’s an explosion. It’s a hockey stick of growth. Yep. That’s so cool. Well, Dan Sullivan at Strategic Coach is encouraging all coach members to get patents. And you’re right, not just on intellectual property, but on processes and business practices, and of course, also actual equipment and inventions, et cetera, et cetera. Now, both of us probably know, and it’s fairly common, the quote

[04:56] from, do you remember the year when some guy that was head of the patent office said we should shut it down because there won’t be any more inventions? Let’s say that guy was not innovative in an innovative environment. Poor government, dude. I know. That’s awful. You know, this patent space is something that I have been around for a number of years, just as you have as well. You’ve gone through the route of a lot of intellectual property patents, and I’ve spent time with people in the physical patents world, some of difference, meaning incredibly difficult on the physical side of things. But we live in a world now where technology has become amazing. 3D printers, the ability to use our phone and create new images or create prototypes and things like that, it’s all at

[05:55] our fingertips. And so as we look at that last report and we see a growth of 6,000 more patents, that could be 60,000 next year as more people start to get into it. Yeah. It’s so amazing and so beneficial. And if this is an area that scares you, then I just encourage you to open your mind and acknowledge the fact that truly there is an unlimited capacity for ideas to come forth into our world and be beneficial. And that’s really all that business is, is an idea that is beneficial. And it’s either in the form of a product or a service typically that makes either a problem go away or an opportunity to be captured or something easier that was previously hard. When you look at property rights, which is essentially what patents and copyrights and trademarks are,

[07:05] and you think of physical property rights like the land that we live on and deeds and that kind of thing, the United States has always been at the forefront of them. My all-time favorite book, The Mystery of Capital by Hernando de Soto, talks about how amazing the U.S. property rights system is. And all patents are doing is just taking that to the next level. So it will be so exciting. I can’t imagine working in the U.S. Patent Office right now. I mean, if somebody offered a million dollar salary to me five years ago, you couldn’t have gotten me to take it. It’s that cool. You got it. Okay. So I’m going to do two things. We’re going to jump into the mental gym and we’re going to do some exercises with our brains around patent stuff

[07:53] because I’ve got some notes here. So here it is. This is for our prosperity community, the family. And I’m saying, here’s the question. What can families do to start thinking like creators and innovators? It’s an excellent question. And it really goes back to what I mentioned earlier. What problem in your home or in your community can you solve? And what’s so cool about this is the little ones, you know, our children that are three feet tall, four feet tall, literally see things from a different perspective. I remember in probably the late 1970s, my mom, who had been a kindergarten teacher, had an opportunity in the elementary school to build out the new kindergarten wing. I think they were putting in like three classrooms or something. And so she was able to work with

[08:53] the architects and they put everything down at the two and three foot level, all of the countertops, all of the sinks, all of the light switches, all of the outlooks, everything, all of the bulletin boards, all of the chalkboards. Yeah, they had chalkboards back then. All of those were down at that two to three foot level so that those little people could be engaged and involved. So that’s the question that families need to ask. What problem could we solve? What aspect of our lives could we make easier? And within that space is creativity. I’ll throw one more out because I have a good friend, Wade Reed, who’s a financial strategist in the Utah area. His family actually created a game. They created a physical game and it was

[09:40] just because whatever it was that they were trying to teach their children, they couldn’t find a game that taught them. I don’t remember what the game was for, what it did, but they had it manufactured and the whole bit and after a year or two, they let it go. It wasn’t anything that they were able to continue to pursue, but how cool that they created a game and that their family got to benefit from it. And of course, I’m sure many friends and others around them to get the benefit of that creative thinking. Yes. Oh, that’s so cool. I love it. I think the lesson within the statements that you were making and the conversation, which is, and I’m going to extract that we will need to adapt the environment to who we’re working

[10:24] with. So if you have little kids and you’re wanting them to become creative little thinkers, take the chalkboard down to the two, three foot level, bring it down. And then if you have the teenagers, you raise it up. There’s one other question that I have around here around the patents for you. So it’s this, there’s a YouTuber out there. His name is Simon Squibb or squid. I believe UK guy. I think he did business. I don’t know. But what he does is he walks around the streets. He’s got a microphone and he says, tell me about your dream. Some people have an answer. Some people don’t. And he goes around and he’ll fund a lot of people’s dreams. Oh, how fun. It’s pretty cool. Like there’s a good side to

[11:08] YouTube. I saw a video recently that he did and the person didn’t have an answer of what their dream was. And the conversation was that most people think it’s a money problem. Some cases it is. Some cases it’s not. If you’ve got enough clarity on that dream, it might not be a money problem. If you do have clarity on the dream, sometimes the money is the actual problem to get it manufactured, created. So the financial question for you, how can people use their family banks to help grow their innovations? I love this. So this actually just came up with a prospect that we’re working with this morning and Teresa was having a meeting with them and just checked in with me ahead of time. Like do we have some resources? Cause this guy’s asking a bunch of questions about

[12:02] the actual implementation of the idea of family banks or family banking. And the amazing thing about that space is it can be done with an envelope. Like you could literally put cash in an envelope and lend it, the idea of banking, right? Having deposits, having loans, having those loans paid back with interest. You could do all of that out of an envelope. You could up level it and do it out of a savings account or something like that. And you could take it a step further and utilize whole life and its cash value and capability for borrowing against to facilitate the implementation of the idea of the family bank. And one of the most critical aspects of it is the financial competency that your

[12:56] children, sometimes adult children, get. One of my nephews wanted to start a business, reached out to his mom. She has cash value of life insurance. She called the insurance company, got a loan. The insurance company will charge her interest. So her cash value unaffected by the loan keeps on getting dividends, but the loan creates interest. She wisely will charge her son interest because this is part of the learning curve is to have the ability to borrow against that cash value and have the opportunity to pay it back and pay it back with interest. And so many people feel like, oh, it’s family. It should be a gift. No, no, no, no. You are disabling your family’s capacity if you don’t include that interest. So we have numerous

[13:48] resources for how to utilize the concept of the family bank idea to facilitate creativity and then how to actually utilize whole life insurance to be the best storage spot for not only your family, but the next family because those loans, borrowings pay back, then death occurs at some point on the various levels of the generations and that family bank is filled back up again, which just creates so much capability with other assets to be spent because you know that death benefit is going to pay since whole life has guaranteed payout at death. It’s just a wonderful recycling of money and so much good financial competency and conversations around competency can occur with the funding of a dream or the funding of a creative endeavor that might actually even

[14:49] earn more money to create a even bigger family bank. Oh, I love it. There’s one piece I’m adding in as we wrap up and I try and grab these little elements and you mentioned that setting up the family bank and doing this the proper way. Obviously, for any of you that have a question or trying to figure it out, send an email to hello at ProsperityThinkers.com. What’s cool is that this lasts beyond death. It affects beyond death. Patents and royalties pay beyond death. There’s very few things that do that. So these are connected world, very prosperous thinking of you, innovative thinking, Kim. This was awesome. Thank you so much. You’re welcome. And such long term thinking too, which is tough for us humans to do. So go be free and do that.

[15:50] Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit ProsperityThinkers.com.