Today, we’re talking about patents when you’re just starting your company.
1. Most importantly, please remember patents do not close customers, and they don’t close investors. They are best used for legal defense in the future, when you’re a big company.
2. Patents require a considerable investment of both time and money. The process is lengthy, involves a great deal of writing, and requires substantial legal fees. As a company, at the beginning of your journey, you spend those resources on acquiring your first customers instead.
3. So, for almost all industries, even deep tech and biotech, I don’t think you should prioritize patents early. A good rule of thumb is waiting on patents, until you have at least $1M in revenue or have raised a 7 figure round.
Best of luck out there.
