Should You Patent Your Idea?

Patents take a lot of time and money. Could that time and money be used for something else? Is your idea worth patenting - does it have product market fit?
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Once filed, a patent does NOT guarantee your product will be without competitors. There are many ways to solve a problem and someone might solve the same problem in a different way.
But there are a few reasons you might want to get a patent. They can be a very valuable tool.
- Patents can be used as a defense in cases where someone sues you for infringing on their idea. With your patent you have proof you thought of the idea first.
- Patents can also be used as an offence and prevent someone else from selling or patenting your idea.
- Finally you can license the patent or use the patent to build the intellectual property portfolio of your startup which in many cases is the company's most valuable tangible asset.
Depending on your situation and the complexity of your idea you might even be able to file a provisional patent for only $1-2 thousand dollars. The idea for this video was sparked by a friend who shared how he did just that.
In todays’ episode we will be talking about patents. By the end of the video you should be able to understand if filing a patent for your idea is the logical thing to do.