Leveraging Inspiration: The Inspired Patent Podcast

• S3 E10 Protecting Your Business: Legal Requirements Before Working with Investors with Wayne Carroll and David Blackledge

  S3 E10 Protecting Your Business: Legal Requirements Before Working with Investors with Wayne Carroll and David Blackledge Violating investor regulations can lead to hefty fines—or even jail time. Just ask Elizabeth Holmes, whose Theranos scandal is a cautionary tale for entrepreneurs. This episode covers the key legal insights every business owner must know before accepting investor money. Episode Objective: Securing funding is one thing—doing it legally is another. Understanding securities laws, investor classifications, and disclosure obligations is crucial to protecting your business and avoiding fraud accusations. This episode provides essential insights for legally compliant fundraising. Key Takeaways: Fraud vs. Failure: Failing is normal; misleading investors is illegal. Even well-intentioned founders can face legal trouble if they don’t disclose setbacks.Investor Communication: Once you accept funds, you must legally update investors on your company’s status—even if it’s bad news.No ‘Friends and Family’ Exemption: Even personal connections require proper documentation and SEC compliance.Accredited vs. Unaccredited Investors: The SEC requires different documentation for high-net-worth investors versus others.Ponzi Scheme Risks: Small financial cover-ups can spiral into fraud. Avoid using new investments to cover losses.Consult an Attorney First: Before pitching to investors, understand legal requirements to avoid costly mistakes. Action Steps: Check Compliance: Before accepting funds, determine if SEC registration or an exemption applies.Document Everything: Keep clear records of investor promises and company updates.Consult a Securities Attorney: Get legal guidance before pitching, even to friends and family.Understand Investor Types: Know the difference between accredited and unaccredited investors.Be Transparent: If challenges arise, inform investors immediately to maintain trust and compliance. About Wayne Carroll: Wayne Carroll is an intellectual property attorney with over 15 years of experience helping innovators protect their ideas. He holds a Juris Doctor degree from Suffolk University Law School and a degree in Electronic Engineering Technology from DeVry University. As CEO of Inspired Idea Solutions, LLC, founded in 2013, Wayne specializes in patent strategy, trademark registration, and copyright litigation. Wayne is also an Eagle Scout, a Boy Scouts of America volunteer, a dedicated father of six, and an avid pickleball player. Connect with him at 480-741-2440, [email protected], or on LinkedIn. About David Blackledge: David Blackledge is an experienced angel investor and startup advisor specializing in ag tech, fintech, and ed tech. With a background in finance and business development, he has helped numerous startups secure funding and achieve strategic growth. Passionate about fostering innovation, he connects entrepreneurs with the right investors and offers critical guidance on navigating the funding landscape. For more information about David Blackledge, please visit his LinkedIn profile.

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• S3 E9 Seed Round & VC Funding - Navigating Startup Investment with Wayne Carroll and David Blackledge

  S3 E9 Seed Round & VC Funding - Navigating Startup Investment Hosts: Wayne CarrollDavid Blackledge Episode Description: In this episode of Leveraging Inspiration, the Inspired Patent Podcast, hosts Wayne Carroll and David Blackledge delve into the world of startup investments. They explore the critical differences between angel investors and venture capitalists, using the real-life Cinderella story of WhatsApp to illustrate their points. Learn about the roles, expectations, and strategies of different types of investors and get valuable insights on how to navigate the complex landscape of startup funding. Disclaimer: This podcast is for educational and informational purposes only. Wayne Carroll and David Blackledge are attorneys, but they are not providing legal advice. Nothing in this podcast should be construed as creating an attorney-client relationship. Key Topics Discussed: [00:00:00] Introduction and Disclaimer[00:01:00] WhatsApp's Success Story: How WhatsApp became the second-largest venture capital-backed acquisition when it sold to Facebook for $19 billion.[00:03:00] Angel Investors vs. Venture Capitalists: Understanding the fundamental differences between these two types of investors.[00:05:00] Investment Amounts and Expectations: The scale of investment and returns that angel investors and venture capitalists look for.[00:07:00] Failure Rates and Returns in Angel Investing: The high-risk nature of angel investments and the importance of finding a successful exit.[00:08:00] Transition from Angel Investment to Venture Capital: How startups move from angel investment to venture capital and the role of scalability.[00:09:00] Venture Capitalists' Role in Business Growth: The involvement of venture capitalists in guiding and controlling the business.[00:10:00] Red Flags for Entrepreneurs Seeking Investment: Identifying when an investment opportunity may not be a good fit.[00:11:00] Specialization in Angel Groups: The growing trend of angel groups specializing in specific industries and technologies.[00:12:00] Importance of Advisors: The crucial role of advisors in helping startups find the right investors and funding strategies. Guest: David Blackledge, an expert in angel investing, shares his insights and experiences from the world of startup investments. Host: Wayne Carroll, guiding listeners through the complexities of intellectual property and investment. Takeaways: Understanding the investment landscape for startups.The importance of scalability and financial health for attracting investors.The role of specialization in finding the right investors.The high failure rate in angel investments and the need for high returns.The critical role of advisors in navigating the funding process. Connect with Us: Visit our Website for more resources and episodes David Blackledge - Angel Investor & Startup Advisor David Blackledge is a seasoned angel investor and expert in startup funding, with extensive experience in guiding early-stage companies through the complexities of securing investment. He specializes in identifying high-potential startups, particularly in niche markets such as ag tech, fintech, and ed tech. With a strong background in finance and business development, David has helped numerous startups navigate the funding landscape, connecting them with the right investors and advising them on strategic growth. He is dedicated to fostering innovation and entrepreneurship, leveraging his expertise to support the next generation of successful businesses. For more information about David Blackledge, please visit his LinkedIn profile. Subscribe to Leveraging Inspiration on your favorite podcast platform. Tags: #SeedFunding #VentureCapital #AngelInvestors #StartupInvestment #WhatsAppStory #BusinessGrowth #InvestmentAdvice #LeveragingInspiration #Podcast

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• S1 E2 New FTC Rule on Non-Compete Agreements: How to Prepare Whether or Not the Rule Goes into Effect

  S1 E3 New FTC Rule on Non-Compete Agreements: How to Prepare Whether or Not the Rule Goes into Effect In this episode of Leveraging Inspiration, Wayne Carroll discusses the upcoming FTC rule banning non-compete agreements scheduled to go into effect on September 4, 2024. He provides crucial information for employers on how to adapt, including alternative protective measures to consider. Welcome to leveraging inspiration, inspired patent podcast. Where we help you leverage your inspiration, this is Wayne Carroll, the host, and today we are talking about trade secrets specifically the Federal Trade Commission rule that has a date to go into effect on September 4th, 2024. This rule will affect every business with employees in the United States if it goes into effect. The Federal Trade Commission has been studying non-compete agreements. It has determined that businesses don't need them to protect their rights sufficiently and that, on the other hand, it hurts employees and reduces competition in the marketplace and innovation. Generally, the FTC believes that non-compete agreements stifle innovation because employees with skills they can take to new employers and bring more innovation cannot do so due to these agreements. If the rule goes into effect, it will make it illegal for an employer to ask an employee to sign a non-compete agreement or make any indication that a non-compete agreement they have entered into prior can or will be enforced. Employers will need to notify all employees directly by sending them a piece of paper, text, or an email stating that they will not enforce the non-compete agreements signed. There's a minor carve-out for executives who are in a policy-making decision and a company making substantially more than $100,000 over the past year. These existing non-compete agreements can be enforced because the FTC considers it likely that executives in those positions actually negotiated their non-compete agreement as part of their compensation. Here's where companies need to double down on their non-disclosure agreements and trade secret agreements and programs. The FTC specifically carves out and talks about how these are different than non-compete agreements and therefore they're not going to be part of a non-compete agreement. Employers should focus on ensuring their trade secret policies and non-disclosure agreements are robust and clearly defined to protect confidential information. Employers need to know about this rule and get into it a little bit. It's recommended that employers update their employee agreements, employee manuals, and handbooks. If you're going to keep the non-compete portions in case this does not go into effect, one recommendation is to separate them so it's easier to remove if this rule does go into effect. Also, companies should take a closer look at what constitutes their trade secrets and ensure that any confidential information is secured both physically and electronically. There are court cases that we are expecting may impose an injunction across the United States against the FTC from enforcing this rule until the cases are over. If a preliminary injunction is issued, we will need to wait and watch those court cases. In one case so far, the federal court has not issued a nationwide injunction but just an injunction against the FTC from enforcing the rule against the defendants in that case. Thank you for listening. That's the update and the trade secret information for the new FTC non-compete rule. I'm Wayne Carroll, and this is leveraging inspiration. Wayne can be reached at 480-741-2440 or [email protected]. You can also connect with Wayne on LinkedIn.   CTA: Schedule an appointment with Wayne Carroll for a strategy session on how to protect and leverage your intellectual property.

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• S3 E1 How Patents Shaped America with Tony Dowell and Wayne Carroll

  Host: Wayne Carroll Guest: Tony Dowell In this episode of "Leveraging Inspiration, the Inspired Patent Podcast," host Wayne Carroll is joined by Tony Dowell to explore the unique role patents played in America's development. The U.S. patent system has differed from other countries historically impacting innovation and economic growth. The American patent system is part of the U.S. Constitution but continues to change. Key Points: Historical Context: The United States has a pro-patent stance compared to other countries, particularly rejecting the English system of granting monopolies. The early American colonies had rudimentary patent systems, and the U.S. Constitution explicitly grants Congress the power to issue patents. Impact on American Innovation: How the patent system fueled the American Dream by enabling inventors to secure exclusive rights to their creations. Examples of historical patents and their inventors, such as the Wright Brothers and Boo McAfee, illustrate how patents have driven innovation. Challenges and Changes in the Patent System: There is a negative perception of patents as monopolies, but a balance can be found between encouraging innovation and preventing market dominance. Recent changes in patent law include the America Invents Act and the introduction of the Patent Trial and Appeal Board (PTAB). Contemporary Issues: The rise of the term "patent trolls" and the impact of this narrative on small businesses and individual inventors. The shift in how patents are viewed and enforced in the tech industry, with specific reference to the Alice decision by the US Supreme Court and its implications. Looking Ahead: Join us for the next episode, which will delve deeper into the intricacies of patent litigation and what makes it unique. Subscribe to the podcast for more insights into intellectual property and patent law. Guest Website: McCaulley Law Group Guest Email: [email protected] Social Media: Facebook Bio for Tony Dowell Tony Dowell is a veteran attorney with nearly 30 years of experience in commercial litigation and patent law. He has represented clients across diverse technologies, including vehicle tracking systems, mobile apps, and steam heating systems. As a registered patent attorney, Tony has helped inventors enforce and monetize their intellectual property, notably securing over 300 licensing agreements and generating more than $15 million for ArrivalStar S.A. Tony holds a Bachelor's degree in Interdisciplinary Engineering from Purdue University and a Juris Doctor from the University of Notre Dame Law School, where he graduated magna cum laude. He has worked at prominent firms in Chicago and Indianapolis and now runs a boutique firm, serving business owners in various legal matters. HOST: Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.   In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or [email protected]. You can also connect with Wayne on LinkedIn.   Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.

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• S3 E18 Divorce for Business Owners With Shawnna Riggers

  In this episode of Leveraging Inspiration, Wayne Carroll sits down with Shawnna Riggers from Arizona Family Law Attorneys to discuss the unique challenges business owners face during divorce proceedings. They delve into the implications of artificial intelligence in legal contexts, community property laws, and the importance of prenuptial agreements for safeguarding business interests. Key Points Discussed: AI in Legal Contexts: Limitations and risks of using AI tools like ChatGPT in legal scenarios.Shawnna shares personal experiences where ChatGPT provided inaccurate legal information. Community Property and Business Ownership: Explanation of community property laws in Arizona and how they affect business ownership during a divorce.Importance of determining if a business is community property and the complications that arise. Goodwill and Earnings: How goodwill and business earnings are considered in divorce settlements.The necessity of consulting a family law attorney for prenuptial agreements to avoid confusion and protect assets. Practical Steps for Business Owners: Advice for business owners on drafting operating agreements and LLC agreements.Importance of having a spouse sign a disclaimer to prevent complications in case of a divorce. Jurisdiction and Legal Advice: Importance of filing for divorce in the correct jurisdiction and seeking sophisticated legal advice.Complications that arise with businesses operating in multiple states. Shawnna Riggers' Legal Approach: Shawnna discusses her firm's unique approach to providing peace of mind and comprehensive options to clients.Focus on long-term well-being of children and reasonable legal positions to avoid unnecessary litigation. Shawnna's Career Path: Shawnna shares her journey from aspiring to enter the medical field to becoming a family law attorney.The fulfillment she finds in helping clients navigate through difficult times. Resources Mentioned: Arizona Family Law AttorneysLeveraging Inspiration Podcast Subscribe & Follow: Subscribe to Leveraging Inspiration on your favorite podcast platform.Follow Wayne Carroll for more insights on intellectual property and business law. Disclaimer: The information provided in this podcast is for educational purposes only and does not constitute legal advice. Always consult with a qualified attorney for legal matters.

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