Time for that Patent – do it yourself or IP attorney?

During our current fundraising round we decided it was time to develop a comprehensive IP strategy. Why? Because in our fundraising round we are disclosing information to people in the startup ecosystem…ppl that can or know people that can develop things quick. Thus, necessity has brought us to realize we need more than development speed, a talented team and traction.

The next logical question is “do it ourself” or IP attorney? What is the cost and benefit of each? We contacted our lawyers at WilmerHale to make use of our free IP session with a domain expert that is part of our engagement agreement and thus far we did not take advantage of.

Learning point 1: consult your lawyers from the get go to learn about basics and incorporate them when actionable. Be proactive and not reactive.

Today, I have a meeting with Carr & Ferrel for a free consultation session. They were referred by an interested investor.

Learning point 2: Most lawyers, give free consultation sessions in the US. Make use of that. Do your homework and use the time to ask specific question that give you valuable insights and not just “hey, whats a patent?”

I also read some interesting article and blogs on the topic. It is amazing what is out there. Some interesting articles:

How to work with lawyers – from Both Sides of The Table (recommendation of actual lawyers)

Intellectual Property for Startups – from Ernst and Young (nothing ground breaking but just good old useful basics to get us thinking)

Lastly, I read through the Amazon.com kindle books available on the topic. I opted for Patent it yourself based on its positive reviews,  completeness on the topic (covers everything patent related) and recentness (patent laws changes every year so date of publish is critical).

If anyone has helpful advice please share with us in the comments.

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About Miklos Grof

Miklos is the CEO and co-founder of Fundacity. Fundacity is making startups investing easier. Fundacity already supports all the notable accelerators in LatAm in their startup selection and management and they are expanding rapidly across Asia-Pacific and Europe. With the recently launched Fundacity Investments Clubs it seeks to simplify the startup investing process in emerging markets and make it accessible to more people. Miklos has unique and extensive experience in start-up formation, business development and venture financing. He has raised and evaluated investment offers in venture capital from angels and VCs from three continents for a variety of deals. He thrives at launching businesses and making sales in new geographies. Miklos currently serves as a financial advisor and mentor for various start-ups including Taggify (an online contextual advertising company based in New York and Buenos Aires). At Taggify, Miklos advises on fundraising, financial reporting to the board of investors, tax filling and cash flow management. Miklos completed his MsC in Finance at the London School of Economics and previously worked in corporate finance at PricewaterhouseCoopers in London, fund sales at UniCredit Vienna and economic research at Erste Bank Budapest. He is a Chartered Accountant with the ICAEW, Institute of Chartered Accountant England and Whales and is quinti-lingual. He is passionate about startups and entrepreneurship and spends his free time engaging with the startup community.

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