E04 - Patents & Intellectual Property 101 – Part 1

Q.1

How did the speaker describe what intellectual property is?

Intellectual property includes buildings and property of schools and universities.
Intellectual property is the product of what goes on in one’s mind – the creative things people come up with such as the ideas and inventions that you come up with in your mind.
Intellectual property are the physical books and journals that compile society’s knowledge.
All of the above.

Q.2

The speaker offered a hypothetical mathematical equation to in part illustrate the value of intellectual property. What was the “equation” and what did it mean?

1 + 2 = 3 (It’s as simple as 1, 2, 3)
a²+l²=lp (2 attorneys + 2 lawsuits = litigation profits)
IP² = profits (Innovation → Product → Patent = Profits)
2 + 2 = 5 (Some things just don’t figure)

Q.3

The speaker pointed out that today’s large companies and employers began as small companies started by entrepreneurs. Which of the following is an example that the speaker gave?

Henry Sherwin and Edward Williams invented “ready mixed paint” in 1870 which started the Sherwin Williams paint company that today holds over 400 patents.
In 1879 Thomas Edison invented the first commercially practical incandescent light bulb which was the beginning of what today is General Electric with over 3,000 issued US patents.
In 1895, Benjamin Franklin Goodrich invented the pneumatic tire for automobiles which represented the beginning of what is today the Goodrich Company with over 4,000 issued US patents.
All of the above.

Q.4

The speaker noted that in 1914 Joseph Eaton moved his business to Cleveland to manufacture a patented item. Today that company is the multi-billion dollar Eaton Corporation headquartered in Cleveland. What patented product did the company begin manufacturing in 1914?

An internal gear truck axle.
A mechanical truck braking system.
Windshield wipers for automobiles.
Electric stoves.

Q.5

The speaker noted that in 1928, a group of entrepreneurs invented a lubricant that addressed a specific problem of that age. What did the lubricant do? (Today that company is the multi-billion company known as Lubrizol which holds more than 1,200 US patents.)

It was used to reduce friction in the operation of water pumps.
The lubricant was used to reduce the noise coming from blacksmith shops.
It helped electric motors operate efficiently.
The lubricant helped prevent car springs from creaking and squeaking.