Last night, I was invited to speak at AcademyXI on Design Leadership. I shared the stage with Melis Senova, Remya Ramesh, Michael Leigh and Nilma Perera. I learned a fair bit from all of them.
When questions were opened to the public, I had this one coming to me: “should I patent my idea?”
I would like to share some thoughts about this topic, as this is a question I get very often.
First, there is no straight answer, “It depends” is what I would say all the time.
A few factors you may want to consider:
- The level of innovation and inventiveness
- The financial risks and rewards
- The competition
- The life span on your product on the shelves
- The possible use of your patent as a marketing tool
- The valuation of your company
There are products that have a very short life on the shelves, and sometimes being first to market is the most important.
Other products need to be protected by a patent, to prevent competition to copy bluntly.
Last but not least, patents contribute to the valuation of your company, so this is an angle that is often forgotten by start-ups and other entrepreneurs. It can make a big difference after a few years in business.
And my last word would be: talk to your patent attorney!
Who is the specialist you refer your clients to?
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