A patent attorney and an inventor walk into a bar. They knew each other through a mutual friend and agreed to meet to review Inventor's idea. After some review of Patent Attorney's credentials (Ivy League school, Big Law IP for a few years, and now effective unemployment doing doc-review for peanuts) they agree on a retainer and fee for legal advice.
Inventor orders up appetizers and two drinks (The Retainer) and keeps 'em coming once ever 30 minutes (The Hourly Fee).
I read about this killer new technology that an inventor came up with. He has it patented. It is an awesome technology that does XYZ. He is seeking funding to bring it to market as a product. Immediately when I saw his killer technology I thought of three killer-applications. All I know is that this killer new technology would be awesome for the applications I have in mind.
So, I want to run out and start patenting the applied use of his technology on marketable ideas. Certainly, if I can take his technology and add a little microprocessor here or a button there, then we have marketable Products.
After explaining everything, Inventor orders up another round of Hourly Fee.
Ok, so let me get this straight. You found about about an inventor's research that he has been promoting that does XYZ. He has a patent on XYZ on it but doesn't have any market-ready products. You think that his technology is perfect for three killer-apps. You want to take his raw technology and patent a variety of applications employing what he has created and patented?
Yeah, that is right. I'm so excited. Soon we are going to have the XYZ technology in all of these products. I want to rush out and get the patents on it first!
Are you going to make these products and sell them?
No, I just want to license them and get royalties
So you are never going to make a product, but you want to start creating a body of intellectual property?
Yeah. I am very excited. If the technology works as advertised, then so many products will be revolutionized. And, I want to quickly patent the ones that I can predict employing XYZ technology so that I can sit on it and then license it to BigCorp. So.... can I do it? What do you advise?
What does Patent Attorney properly advise his client that is in accordance to proper patent and business law practice?