Ask Jason: What if I don’t have money for a patent lawyer?

TL;DR

Patents are not as important to investors as entrepreneurs might think, as investors are too busy to steal ideas and value execution over patents.

Transcript

okay we have another question from Leo and it's about patents one of the subjects I hate most it would be better if I filed my patent before I present my project to investors but I don't have the money for a patent lawyer what do I do okay - Leo it's a interesting question but I don't think it's a good question I mean you had some fundamental mista... Read More

Key Insights

• 💡 Investors are too busy to steal patent ideas and prioritize execution over patents in the startup industry.
• 🙈 Patents are seen as defensive measures to deter lawsuits rather than crucial for success.
• 👮 Some law firms may be willing to defer payment for provisional patents if they believe in a founder's potential.
• 🤲 Technology quickly becomes commoditized, making execution and getting products on the market more important.
• 🧭 Investors prioritize integrity and reputation, making it unlikely for them to pass on intellectual property.
• 👮 Filing patents yourself or finding a law firm that believes in you are options if patents are important to you.
• 🌱 Patents can provide a roadmap of a company's plans and make it easier for competitors to compete.

Questions & Answers

Q: What should I do if I don't have the money for a patent lawyer before presenting my project to investors?

Investors are unlikely to steal your patent ideas. Focus on executing your idea well and presenting it effectively to investors. If you can't afford a patent lawyer, consider finding a law firm that may defer payment or learn to file patents yourself.

Q: Are patents necessary for startups to succeed?

Generally, patents are not considered crucial for success in the startup industry. Investors prioritize execution over patents, and technology quickly becomes commoditized. Licensing patent technology is also an option.

Q: Can investors steal my idea and pass it on to others?

While it's not impossible, investor reputation and the risk of lawsuits make it highly unlikely. Investors emphasize trust and integrity and typically only share public information or news stories, if anything.

Q: Are there entrepreneurs who file their own patents but don't succeed?

It is an observation that there are individuals who obsess over patents but lack the entrepreneurial skills to execute on their ideas. Filing patents alone does not guarantee success in the startup world.

Summary & Key Takeaways

• Investors do not have time to steal patent ideas from entrepreneurs and prioritize meeting with founders who can execute on their ideas.

• Patents are seen as deterrents to lawsuits rather than necessary in the startup industry.

• Some law firms may defer payment for filing provisional patents if they believe in the founder's potential.