I meet over 7-8 entrepreneurs daily and one thing in common with all the founders is “their obsession with their products”. Right at the conceptual stage, founders are curious to patent their products. Lack of market research, makes the founder believe that no one has innovated something similar in the past. In addition, not every lawyer recommends a prior art search, which is a very effective report to understand the existing competition and technology in the market worldwide. Also, because not every lawyer is an entrepreneur, rarely will he bother to understand the stage of the startup and the need for a patent. It is assumed that the founder is well read and sure about his decision, while most of the times the reality is different. I strongly believe, that Patent is an expensive activity and one should not invest in it until the founder is sure about it’s acceptance in the market, otherwise patent just ends up being a dead cost. In addition, in absence of a prior art report, the chances of the innovation being objected is high and no attorney is going to accept the responsibility for the same. Once rejected, it not only burns a deep hole in the pockets but attacks the morale of a founder who has been treasuring his innovation for a long time.
ABOUT THE AUTHOR
Adv Pooja Terwad, is a founding partner at a full-service law firm Pooja Terwad & Associates (PTA) based out of Mumbai. As a part of her law firm activity she has initiated a specialized wing, whereby complete legal and business solutions are provided to Entrepreneurs to encourage innovation and nation-building. She is currently associated with multiple Entrepreneurship Cells at academic institutions