Is patenting first a recommendation before engaging in VC talks for a startup?
I have an idea in proof of concept with promising results from market research but the lack of money for patents is making me having second thoughts on looking for seed investment. Consumer fintech
I've been waiting five years for a patent. Is your market opportunity still going to be there in five years?
Interesting. I recently learned about provisional patents and there is no prior art related to my idea so it is boosting my (naturally biased) confidence but more than actually getting the patent, my aim is to protect me while I engage on funding discussions. From your comment, I am starting to think there is no harm in filing before engaging in talks without having to wait for it to be approved/rejected.
Would be the smart thing to do.
Nobody ever patents before talking to a vc
No. I had a Venture Capitalist tell me directly
Thanks!
Holding a patent makes funding a lot easier and you will get better terms.
Having a patent definitely makes your round more appealing to investors, but I never worry about VC's "stealing" ideas. You can message me directly if you want to talk about why investors [almost] never steal ideas.
Depends on whether the idea is even patentable. Many software ideas are not. Also, read your employment agreement. You may have given your rights to your idea away to capital one. In that case, you should actually hope that the idea is not patentable.
Thanks for the quick reply. Good call about the rights. I checked my contract before joining and also have ways to demonstrate I started working on it before joining Capital One. Moreover, I have been careful so far to keep a separation between the two worlds. Capital One should not have a claim on it but will check with a lawyer.
Definitely talk to a professional. Even if you can show you were working on it, there are generally disclosure clauses in your contract that require you to list things up front. If youβre interested in patenting you might also consider a consultation with a (likely different) lawyer - there are firms that will give you a preliminary review at zero or close to zero cost.. or at least there were 3 years ago when I was interested (mine wasnβt patentable).