Aaron Hall : Ernest, what types of emerging issues are you seeing in the law as it relates to technology?
Ernest Grumbles : Law relates to technology. So you still have ongoing disputes about for example, the patentability of software. This varies. There are clients who are trying to protect you. The Supreme Court would throw a lot of uncertainty on it. Everybody kinda crawls back the way it was. It kinda raised how you got variants outside and inside the US.
For example, I just read about just a specific latest issue. The Australian high court just rules that software is patentable. But then I just talked to a council in Mexico and Israel not too long ago that I worked with. They’re like “We can’t patent this. This is all beyond us. We just deem the business method is unprotectable.”
That is the shifting target. The other one is obtuse. I guess maybe patent is the biggest one. Trademark is pretty stable. Business labs, when I see the biggest variants there, it really trends around forms of investment.
Some people indicate convertible debt. Otherwise, they say, “I never do convertible debt. It has to be preferred stock.” That I was trying to change. It takes someone to declare “This is the way it’s done.” Then some other person will flip the whole thing and try something new and creative.
Aaron : Are you seeing a greater interest in outsourcing?
Ernest : I am. It’s interesting because client sourcing is one of those things that’s actually very old. First of all, people have gone into their networks, trying to look for money at one time. It’s just they didn’t publicized it.
Aaron : Sure.
Ernest : The IPO is the ultimate form of crowd funding. The enforcer thing is usually they limit the early round to insiders as opposed to the general public.
There’s a number of different ways to do that. Unfortunately, the SEC, regular accounts securities lawyers and everybody else have cloud up the process such that they’re afraid to recommend it. So a lot of stage companies who would have done IPO won’t do it.
This is why you’ve seen the evolution. They’re models. We need money. I know there are people who support my product out there and I can’t publicly advertise I need the money. Things like these would not be much of an honor. It’s restriction of the registration requirements.
I’m happy to see like kick starter. I have a couple of clients. One, he got 50 times and is looking for 10. He got more than 386,000.
Aaron : Wow!
Ernest : So we went in 3 months, he built his entire business out there. Now, he’s more like distribution on a product. It is his full time job. He’s got 5 or 6 people working for him.
Aaron : That’s amazing.
Ernest : I kinda like the way. That’s a form of costumer finance based funds. I like seeing that trend. I get like a V. We can straighten that. We’re hot. Right?
Aaron : That’s pretty cool. Ernest, do you practice out in Minneapolis here? You handle issues and clients nationwide perhaps worldwide. How can people get in touch with you?
Ernest : I have a personal website , ErnestGrumbles.com . That has my bio as well as telephone number, things like these. That is the easiest way.