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Hey everyone. I’m trying something new based on your feedback. Stay turned to the end of the interview where I’ll give you some actionable insights that I learned from my guest. These insights are also in the show notes. As always, thanks for listening.
Now on to my guest today, Dan Salehi, a patent lawyer who shares his observations about business growth, particularly about the new phenomenon of SPACs.
Dan studied engineering in college but decided to switch to law, entering the world of patent law. He became curious about the big picture of why businesses choose to build what they built. He gradually transitioned to helping corporations close deals, but patent law remains an integral part of what he does. Dan explains that he never wanted to be one-dimensional and was always interested in understanding the bigger picture. In this episode Dan provides his insider view of SPACs - Special Purpose Acquisition Companies - which are an alternative to the traditional route of going public. He also talks about why patents are an important part of building a business when done correctly.
Some of the questions Dan addresses are:
- What are SPACs? Who are the key players and how does it work? When should a company consider going that route? Why might now be the optimal time to explore it?
- What purpose does a patent serve in building a business? When and how should you patent an idea? How do patents play a role in business growth?
You should also know that Dan and I both worked at Ion Torrent and then Life Technologies when Ion got bought by them. To all my Ion friends, I hope you enjoy this walk down memory lane.
Now let’s get better together.
Dan provides some advice for entrepreneurs who are ready to take the next steps in growing and scaling their businesses:
- First, prepare your “exit” strategy - the way you will move out of the startup phase.
- Protect your ideas with patents and trademarks. Spend your money wisely and appropriately. You don’t have to patent everything but should have a “picket fence” approach where you patent the broadist ideas you can.
- Narrow down your priorities; prepare a pitch deck and start fundraising. Ensure your ideas are protected through patents since investors will ask.
- Prepare for your exit by exploring opportunities like going to an IPO or SPAC. You can also look at getting acquired.