We get this question a lot of. And the answer is no, it is not necessary per se, but it’s probably a smart idea. Patents can offer tech startups many benefits. They attract investors and can deter competitors. A startup with patent protection is more valuable to companies interested in forming a joint venture or making an acquisition as well. Further, a startup has the ability to license its patent, providing a business another way of generating funding while expanding its market simultaneously.
However, if you prefer to save some money, confidentiality agreements and trade secret protection may work just as well as costly patent registration, especially when combined with exceptional innovation design and speed. All employees, board members and advisors should be required to sign agreements obligating them to assign all business-related IP to the startup. You will also want to extend IP protection through agreements with non-employees, including vendors. outsourced designers, consultants, engineers, and even customers.
Deciding whether to patent your product is a big decision, possibly the first real legal decision that you’ve faced. Take a look at what we have to offer atbefore you make your decision. We connect inventors with highly vetted patent attorneys who provide a free initial consultation to help you figure out whether this is something patentable or not. Afterwards, you’ll received a fixed-fee (no hourly rate) price quote should to decide to hire the attorney to file on your behalf. We’re about 60% more affordable than traditional law firms since we operate completely online so there’s very minimal overhead for us. Best of luck with the app and let me know if you have any further questions.