Patent, is it worth it?

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  • #507633
    Avatar of JacobJacob
    Participant

    I have a prototype for an invention. It works, and has drawn a lot of attention from my peers. A lot of said peers are encouraging me to get a patent. I cant afford an attorney, but would like to build a startup around my invention. I’m tempted to simply draw more partners in and have them sign NDAs, and skip the patent and work toward staying ahead of the competition. Any advice?

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    • #507639
      Avatar of Matthew KingMatthew King
      Keymaster
      • Total Post: 164
      Points: 1,991
      Business Consultant 1

      Hey Jacob,

      My first question to this, is how competitive is the current competition?

      Another question, do you believe that once your prototype hits the market your competitors will copy your work? The patent is simply protection to make sure you are the sole supplier of the product.

      Second, I don’t believe getting a patent should be your first step. I believe getting your product into the market and generating revenue is. With that said, you can always file for a patent later as well.

      • #507642
        Avatar of JacobJacob
        Participant
        • Total Post: 7
        Points: 61
        Newbie 2

        The competition is very competitive, and I believe they will copy my work.

        Would talking to investors before patenting be a bad idea?

        • #507646
          Avatar of Matthew KingMatthew King
          Keymaster
          • Total Post: 164
          Points: 1,991
          Business Consultant 3

          It wouldn’t be a bad idea. The only issue I’ve seen with going for investors is the following:

          1. You have to really have your business plan dialed in.
          2. You have to know your customer and their journey to buy your product.
          3. You have to be able to show there is a need for your product and the approximate numbers.
          4. You have to be able to project your growth and revenue.

          These are just a few. I’m not trying to discourage you from doing it. I’m just trying to make you aware of the amount of work that goes into finding investors.

        • #507647
          Avatar of Matthew KingMatthew King
          Keymaster
          • Total Post: 164
          Points: 1,991
          Business Consultant 4

          It wouldn’t be a bad idea. The only issue I’ve seen with going for investors is the following:

          1. You have to really have your business plan dialed in.
          2. You have to know your customer and their journey to buy your product.
          3. You have to be able to show there is a need for your product and the approximate numbers.
          4. You have to be able to project your growth and revenue.

          These are just a few. I’m not trying to discourage you from doing it. I’m just trying to make you aware of the amount of work that goes into finding investors.

          • #507650
            Avatar of JacobJacob
            Participant
            • Total Post: 7
            Points: 61
            Newbie 5

            Thanks Matthew, I welcome all the advice I can get.

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