About Peter Braxton
Peter Braxton is the Founder and CEO of Jump Rope, INC in Chicago, IL. Braxton received his MBA from Washington University in St. Louis - Olin Business School. Braxton is also a former U.S. Air Force Combat/ Instructor Pilot, Private Banker and Tech Entrepreneur. In 2010 Braxton was stuck with 200 other people waiting in line to get into a well-known nightclub in Las Vegas. When faced with this inconvenient issue, Braxton came up with the idea to develop an app that would allow users the opportunity to pay a fee to get to the front of a line at a club, restaurant, museum or any establishment that charges a premium for entrance. He raised $250,000 from friends and family to develop Jump Rope. The app launched in November of 2011 and in December he received a call from a lawyer that he was infringing on the patent of the "method and system of for reserving future purchases of goods and services." Braxton declined to pay the absorbent license fees that were demanded so Smart Options decided to pursue him further with a lawsuit. Since his app had only launched a month prior, Braxton decided to return all of the money to his investors and attempted to fight using his own funds.
The judge found in favor for Jump Rope on summary judgment. Instead of folding, Smart Options came after Braxton again and with another patent infringement suit from their portfolio. In order to keep Jump Rope alive Braxton gave up 40% of his business IPNav who agreed to handle the future legal litigation against Smart Options.