Everest: Traverse intellectual property licensing routes

“Yeah, mate, I know, but you’ve got to keep on moving.” These were the words from Mount Everest’s Basecamp to Rob Hall, an expedition guide who was out of reach of rescuers. Rob had radioed that his hands were freezing and that he had to de-ice his mask. Basecamp, searching for ways to get Rob to safety, responded, “That’s good, you’ve got to get that mask working; the sun’s going to come up, you know; you can get warmer, you can get moving.” Alone and having expended all his energy to assist a fatigued client who did not survive, Rob now needed assistance himself. After determining that Rob was taking shelter in a depression at an outcrop just below the south summit, Basecamp implored, “All right, you can do this. You’ve just got to pull yourself out of that dip and slide the rest of the way. You’ve just got to come on down, mate. Come on down.”

The film Everest depicts this heartbreaking communication as well as the next day’s tender farewell between Rob and his pregnant wife patched in from home. As imperiled as Rob was by an immobilizing blizzard, words of hope nevertheless permeated the radio waves. Not only did Basecamp and Rob’s wife send encouragement to try to keep Rob alive, but Rob himself conveyed hope to his wife when he rasped, “I love you–sleep well, my sweetheart–please don’t worry too much,” as he signed off before his second and permanent night a hundred meters below the mountain’s summit.

Tie in to the rope of hopeful thinking

Hope is more than just wishful thinking. To use mountain climbing as a metaphor, hopeful thinking involves choosing your desired destination, believing you are capable of selecting a route to reach that destination, and having the self-determination to persevere in your traversal of that route. These three elements are described by C.R. Snyder with hope theory:

  • Goals (destinations) – Knowing where you want to go
  • Pathways (routes) – Staying flexible and figuring out alternative ways to get to your goal
  • Agency (determination) – Believing in yourself to achieve your goal and tolerating disappointments along the way

You can think of hope theory as a climbing rope that you can tie in for safety by setting a goal to pursue, visualizing different plans to guide you there, and resolving to make strategic changes to stay on course as you overcome obstacles and challenges.

Route selection for intellectual property licenses

Although scaling the world’s highest peak is an extreme example, it can inspire us to apply hope theory to negotiating IP licenses for technology transactions. In its most simplistic form, IP licensing can be thought of as paying for a permission. For example, a patent license can grant permission to use a patented invention in exchange for a royalty payment. In negotiations, both parties to an IP license are determining the valuation of the IP, as can be seen from the equation: permission = payment.

Unlike Mount Everest, which has few routes to the summit, you have the flexibility to define permissions and payments your way to meet your business aspirations. For example, you can define how the IP will be implemented (field of use), how long a license will last (duration), and what will happen to new ideas (improvements). In other words, there are many routes to an IP deal that gets you to your licensing destination.

Licensing flexibility is good news because IP is meant to foster innovation, and you can be innovative with each IP license. To use hope theory’s terminology, there are many pathways in the terms and clauses of an IP license, and your passion for innovation gives you agency to propel you toward your goal of an IP deal. So, stay hopeful in negotiating a technology transaction as you confidently assess workable routes to making an innovative deal that grows your business.

Pack hope theory to reach ambitious heights

Mount Everest is unattainable for most of us, but if you enjoy hiking in nature, then it is useful to follow the Survival Rule of Threes. Basically, this rule can help set priorities when lost in the wilderness. The numeral three is a memory aid for the rule that you won’t survive three minutes without air, three hours without shelter from extreme cold or heat, three days without water, or three weeks without food. We can add one more component to this rule: you won’t survive three seconds without hope. Whether you are navigating wilderness hikes or negotiating technology transactions, start your journey to success by packing hope theory’s goals, pathways, and agency with your gear.

Image: “Everest” (CC BY 2.0) by Mário Simoes

Source: Snyder, Charles R. Handbook of Hope: Theory, Measures and Applications. San Diego, California: Academic Press, 2000.

Study shows internships are beneficial career experiments

In an earlier post, I offered some insight to anyone who may be considering going to law school. In this post, I am following up with general advice to college students who are looking at their career options. But first, let’s take a look at some career news.

University of Wisconsin’s study of summer internships

According to the Wall Street Journal, a study by the University of Wisconsin shows that summer internships may be more beneficial at landing a job than a business degree. The outcome of the study is that employers give more weight to real-life experience than to classroom achievements. Specifically, a summer internship is estimated to increase the odds for a job interview by 14%. This boost in employment opportunity occurs even if the internship was listed on a resume five years prior.

If you are a college student who is thinking about an internship, here are my recommendations that you can keep in mind as you explore career options.

Career advice for college students

1) Don’t hate what you do

It’s good to know that getting practical experience is beneficial for the job search, because I think practical experience is a critical step as part of the career determination process. I encourage people to try something out before making a significant educational investment. For example, if someone is hoping to become a physician, I would want that person to make sure that interacting with patients is enjoyable. Ultimately, no matter when it happens, if you realize that you don’t like what you do, it’s time to move on to something else. Figuring out what you don’t want to do, even if you’re far along on a career path, is part of your self-discovery process.

2) Do what you’re good at doing

A career choice is often hiding in plain sight. You need look no further than what you are good at doing. As long as you don’t hate it (see step 1), if you are good at the work, you will probably find fulfillment and meaning as you shape your career around your gifts and talents. Sometimes, people are so good at something that they assume that anyone can do it because it is so easy for them. Focusing on what comes easily for you will allow you to build a vibrant career that plays to your strengths over your weaknesses.

3) Get paid

An internship provides a learning experience that lets you figure out if you are good at something before investing a lot of time and energy in a narrow field. That being said, you should always be targeting earning a decent wage no matter how much you want to do the work. I am wary of employers who are looking for free labor rather than improving their industry by offering solid mentoring. Even if you are paid a fixed salary, calculate your hourly wage to make sure you are not working beneath your earning potential. If you are doing an unpaid summer internship, you might want to consider negotiating working a few days a week, rather than the whole week. This will free your time to earn money in a paying job or to do other activities related to the profession that you are exploring.

4) Be passionate about the company

Job announcements often state that an employer is looking for a passionate applicant. I recommend flipping this on its head, and looking for employers who are passionate about improving society through services and products. An employer’s mission statement should be something that makes you proud. The CEO should be someone you want to follow. Your supervisor should be someone you want to help become great. Fellow employees should be fun to work with. These are examples of qualities you want to look for as you map your skills to a possible job.

5) Enjoy your hobbies

If you’ve read the book The E-Myth Revisited by Michael Gerber, you’ll know that one of the ways to start disliking what you love to do is to launch an entrepreneurial business. While you may be able to convert work that you love into a business, it is probably best to save your passion for a hobby. This allows you to enjoy the work without the stress of administration and marketing. While we are talking about hobbies, I encourage university students who are choosing a major to imagine whether they would enjoy what they are learning after they retire. I think a college major should be something you think you will enjoy independent from career prospects. Furthermore, if you have a choice, your major should lean towards the liberal arts as much as possible, because ultimately, college is about learning how to think. You can always acquire practical skills later with electives, certification programs, and internships. But learning how to think through intensive reading, writing, and speaking is best learned while in college.

Start exploring now

Thomas Edison demonstrated that to discover what will work, you have to eliminate what won’t. Internships and other practical experience can help you figure out what will work for your career path. When it comes to career exploration, there is no time like now to start. As entrepreneur Jen Groover recommends, have more fear of regret than failure. To further inspire you, here’s a quote from Jen’s book What If? & Why Not? that she attributes to Ralph Waldo Emerson:

Do not be too timid and squeamish about your actions. All life is an experiment. The more experiments you make the better. What if they are a little course, and you may get your coat soiled or torn? What if you do fail, and get fairly rolled in the dirt once or twice? Up again, you shall never be so afraid of a tumble.

Image: “Test Tubes” (CC BY 2.0) by Shaun Fisher

Source: Nunley, John M, Adam Pugh, Nicholas Romero, and R A. Seals. “College Major, Internship Experience, and Employment Opportunities: Estimates from a Résumé Audit.” Labour Economics. 38 (2016): 37-46.

Law School: Attaining a license to serve

According to Bloomberg Business, law schools are receiving fewer applications from prospective students, resulting in law schools having to choose whether to reduce their class sizes or lower their admission standards. It appears to be getting harder for prospective students to make the financial and time commitments required by law school. This news report reminds me of when I was a first-year law student (what is called a “1L”). Back then, my law school’s admissions office asked me to describe my experience of being a law student. I was asked for this description to help educate prospective students about what they could expect from attending law school.

My 1L description of law school for the admissions office

You may be wondering for yourself what law school is like. From my prior perspective as a first year law student, I described acquiring a law degree as attaining a “license to serve” and provided the following analogies:

  • Law school is like learning to snowboard. Although you will start out on a gentle slope, you will find that both feet being strapped onto a board will result in constantly falling flat on your back. It is a tiring and painful experience until you learn to catch your board’s edge and move on to steeper slopes. As a beginning law student, you will find that your response to a professor’s question will inevitably fall flat, which will leave you frustrated. Although you will read a tremendous load of cases, it will take time for you to catch a judge’s meaning. Over time, however, you will begin to master the material and will gracefully snowboard down the law school mountain.
  • Law school is like a kindergartner going to a candy store. Although the store has so many sweets from which to choose, the child only has a small amount of change. No matter what candy the child buys, the youngster will leave the store feeling as if there are other treats that should have been selected. [Law School] has more opportunities than you can possibly have time to do. Take a look at the number of clinics that are offered or try looking at [the law school newspaper] to choose which of the many speaker-lunches you would like to attend in any one day. No matter how many activities you choose to do, you will always feel as if there is one more you should have done.
  • Law school is like a telescope. If you look through it upside-down, everything gets smaller and further away. But when you look through the telescope the way it is meant to be, objects that are distant become clearer and closer. If you look at law school upside-down, you will worry about grades and become self-focused through competition. Looking at law school the way it is meant to be, you will build a community of friends and learn how to serve.
  • Finally, law school is unlike anything you will have ever done before. If it were easy to describe, the analogies would not be necessary. I advise you to talk to as many lawyers and law students as you can. Discuss your goals and expectations with them so that you are prepared for all that law school has to offer.

If you are interested in going to law school, I hope these analogies provide a useful first-year-student perspective for you to make your decision regarding entering this service profession.

The privilege of serving people at an impasse

Speaking of attaining a “license to serve,” it is a privilege for me to be a mediator who can serve my community by helping people resolve their conflicts. It is an honor to assist people who are at an impasse because, as William Ury advised in his book Getting to Yes with Yourself, “Life is too short for these mutually destructive conflicts that consume people and their families with stress, tension, and a huge loss of resources.”

Image: “Law & Order” (CC BY 2.0) by Paige

Source: Kitroeff, Natalie. “The Best Law Schools Are Attracting Fewer Students.” Bloomberg Business. Bloomberg L.P., 26 January 2016. <www.bloomberg.com/news/articles/2016-01-26/the-best-law-schools-are-attracting-fewer-students>.