Big News: FounderDating is joining OneVest to build the largest community for entrepreneurs. Details here
Latest Notifications
You have no recent recommendations.
Name
Title
 
MiniBio
FOLLOW
Title
 Followers
FOLLOW TOPIC

Question goes here

1,300 Followers

  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur

Should you have patents in order before talking to a advisor?

should your patents be in order before pitching idea to investors, talking with advisors?

13 Replies

Fabio Gratton
0
0
Fabio Gratton Advisor
Co-founder & CEO at CureClick, Sonic, inVibe, DrinkBryte & Alchemy
I don't think so -- of course, depends on your invention. You should have a CDA in place for sure.

# # #

Adrian: Not the case for many of the investors / advisors I have worked with. And I happily sign people's CDA's when they ask me to be an advisor. Nothing is absolute.
Tom Maiaroto
0
0
Tom Maiaroto Entrepreneur • Advisor
Full Stack Consultant
Depends, but typically not a big need.

I used to feel more strongly about them, but when it comes to technology -- it's extremely difficult to defend them. The thing is, you need to actually defend them in order to hold their value. So it's not exactly like you get a patent and you're all good. You will need to, on occasion, shell out more money to defend the patent. Your milage will vary there of course.

The other thing with tech to realize is that you can often get the same end results using different methods so sometimes a patent doesn't necessarily protect your business. Sure, your invention is likely safe...But keep in mind your business model and value prop. Could it be copied or beaten through other means?
Adrian Andrade
1
0
Adrian Andrade Advisor
Creative Director at emPower
Short answer: No.

Long answer: If the hope of the patent is to protect your idea or to add value to it, you're barking up the wrong tree. Both scenarios are unlikely. Without knowing much about your product, if you absolutely have to file a patent, just file a provisional which locks in the date of submission (and cheap), but again, I think you're wasting your time.

Fabio - No investor/advisor will ever sign an NDA/CDA before a pitch...
Timothy Clark
0
0
Timothy Clark Entrepreneur
Owner - Radiant Heart Studios
You can get a provisional patent around $200. You then have a year (plus extensions) to decide whether you want to spend the money for a non-provisional patent ($10k-20k). While you have the provisional patent you are somewhat protected. If someone else files for a patent, you have proof that you "thought of it first." Knowing that you have a PP should discourage someone from trying to steal your invention.

Unfortunately, most investors and advisers won't sign Non Disclosure Agreements. Many are even offended when you ask them. I don't get it, but that seems to be the case more often than not.
Tom Maiaroto
1
0
Tom Maiaroto Entrepreneur • Advisor
Full Stack Consultant
Also keep in mind in the US, it changed to a first to file process. At least last I checked... So your provisional holds your spot in line... But no more prior art. If you file and someone else had the idea 5 years ago, but didn't file, you win.

Patent system is pathetically broken for so many reasons and we haven't even gotten into the patent trolls subject yet.

Do be careful with patents. Seek legal advice.
Adrian Andrade
0
0
Adrian Andrade Advisor
Creative Director at emPower
Tim - Investors / Advisors don't sign NDAs because they often see many companies with similar products. As we know, they don't fund everyone that comes across their desk, so if they'd signed an NDA, they would potentially be sued by a company based on speculation that they provided information to a competitor even if that wasn't the case. They're simply protecting themselves from that scenario.
David Crooke
1
0
David Crooke Entrepreneur
Serial entrepreneur and CTO
It's easy to get wrapped around the value and secrecy of one's idea .... don't sweat it, most investors are honest and frankly have better things to do than steal your idea and give it to someone else. That said, do use an NDA, that way you have legal leverage in the case that (a) they do steal it, and (b) it's successful. Then you can simply sue. Cheers Dave
Karl Schulmeisters
2
0
Karl Schulmeisters Entrepreneur
CTO ClearRoadmap
Mark, How much money do you have to defend your patent if Google infringes it? Enough to hold off Google? No?

Thena patent doesn't get you much other than a piece of paper that cost $10,000 of your scarce startup capital. Go ahead and file the provisional patent, but it doesn't really matter much either except for giving you some patent troll protection. OTOH it does also put you in the spotlight the patent trolls hunt in
David Reardon
0
0
David Reardon Entrepreneur
Entrepreneur, Inventor, Strategist
The changes in patent law to "first to file" does make it more important to file at least a provisional patent documenting your invention prior to disclosure.

Under the old "first to invent" rule you might still be able to assert your patent rights over a "theft" of your ideas if you had good documentation that you had invented the idea first and were making efforts to "reduce it to practice." But that rule went out with recent patent law changes. Now, the only evidence that counts is when you file documentation with the patent office, at least in the form of a provisional patent application (which gives you one year to amend and then file the final application for examination).

An NDA would help to prevent the theft of your idea, but most investors won't sign one . . . but advisers might.
Thomas Sutrina
0
0
Thomas Sutrina Entrepreneur
Inventor at Retired Pursue Personal interrests and family
The patent is 1% of the effort to get a successful product on the market. Large corporation when discussing a joint venture use the number of patents each one has as a means of setting the property split, not the content of the patents. That tells you that most of those patents will never be investigated. I should know because that is the status of the two dozen patent I have at an aerospace company. So choose who you share the patent idea with.
Join FounderDating to participate in the discussion
Nothing gets posted to LinkedIn and your information will not be shared.

Just a few more details please.

DO: Start a discussion, share a resource, or ask a question related to entrepreneurship.
DON'T: Post about prohibited topics such as recruiting, cofounder wanted, check out my product
or feedback on the FD site (you can send this to us directly info@founderdating.com).
See the Community Code of Conduct for more details.

Title

Give your question or discussion topic a great title, make it catchy and succinct.

Details

Make sure what you're about to say is specific and relevant - you'll get better responses.

Topics

Tag your discussion so you get more relevant responses.

Question goes here

1,300 Followers

  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
Know someone who should answer this question? Enter their email below
Stay current and follow these discussion topics?