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. 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!
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