On this week's episode, we welcome Mike McLean, CEO of Innovation Asset Collective, to talk about the importance of intellectual property (IP) for startups and Canadian companies. Mike explains how founders can prepare for IP challenges when entering global markets and how to use IP to create value.

Mike talks about how the government helps Canadian tech companies protect and use their IP, and he points out that Canada is not doing as well as it should in creating and using IP, with many Canadian patents owned by foreign companies. He shares advice on building a defensive patent portfolio and using government support for IP education and protection.

We also discuss the early stages of the IP process, how to create value with an IP strategy, and the importance of having experts help with IP planning. Mike explains how IP insurance works and why it’s important for companies facing legal challenges. He also talks about the importance of having clear IP terms in employee contracts and how AI is changing IP laws. Finally, Mike shares his journey in the IP field and stresses the importance of owning up to mistakes.

About Mike McLean:Mike McLean is the CEO at Innovation Asset Collective, helping Canadian clean tech companies leverage intangible assets for growth and building capacity in the Canadian IP ecosystem. Previously, he served as the VP of IP Operations & Transactions and spent over a decade at TechInsights, where he connected business strategies with engineering teams and led efforts to help clients identify valuable patents.

Mike's career began at Semiconductor Insights, where he provided technical intelligence to the IP and licensing community and led teams across the IP lifecycle in the electronics industry. His roles involved strategic planning, partnership agreements, and engaging with the VC and private equity communities.

He has a B.Sc.E. in Electrical Engineering from Queen's University.

In this episode, we discuss:

(01:00) Mike McLean's background and journey in the tech and IP sectors

(03:17) Using IP to drive revenue and defend market share in technology businesses

(05:08) Changing how entrepreneurs think about and use IP within their businesses

(07:04) Early-stage IP strategies and the importance of contracts and staff arrangements

(09:59) Balancing disclosure with protection when seeking investment or customers

(11:00) Key components of Innovation Asset Collective's educational programs

(14:08) Challenges Canadian companies face with IP in global markets

(18:21) Building a defensive patent portfolio and the role of IP insurance

(22:00) Government programs supporting IP strategies for Canadian companies

(28:22) Timing and strategy for building an IP portfolio in various industries

(33:45) Employee contracts and IP ownership in innovation-focused startups

(36:06) Importance of IP insurance and its role in scaling operations and fundraising

(40:00) Case study of maximizing value through IP strategy in a company exit

(41:10) Discussion on AI, IP, and the evolving legal framework

Fast Favorites

🎙 Favorite Podcast: Mike does not have a favorite podcast as he prefers reading :)

📰 Favorite Newsletter/Blog: James Clear's "3-2-1" newsletter

📲 Favorite Tech Gadget: His smartphone (Android)

📈 Favorite New Trend: Coaching youth baseball and learning hitting techniques

📚 Favorite Book: "Turn the Ship Around!" by David Marquet

🤔 Favorite Life Lesson: Take ownership of your mistakes and work collaboratively to find solutions

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