Chapter
The Limited Value of Patents
46:21 - 50:37 (04:16)
The speaker discusses the limited value of patents in the world of internet innovation and how it is rare for a patent to create a successful business without additional advantages.
Clips
An entrepreneur identified regulatory and patent moats to create a large cash cow by allowing customers to buy virtual gold coins and use them to play games.
46:21 - 49:31 (03:09)
Entrepreneurship
Summary
An entrepreneur identified regulatory and patent moats to create a large cash cow by allowing customers to buy virtual gold coins and use them to play games. Despite having no competitors, he found success by building a system in collaboration with US lawyers to run sweepstakes across multiple states.
ChapterThe Limited Value of Patents
EpisodeBusiness of Trend Forecasting, Pickleball, And The Lucrative Virtual Gaming World
PodcastMy First Million
In the world of internet innovation, patents may seem meaningless as they are often difficult to enforce.
49:31 - 50:37 (01:06)
Patents
Summary
In the world of internet innovation, patents may seem meaningless as they are often difficult to enforce. However, they can add value to a business when acquired through the purchase or acquisition of a company.