Erise IP shareholder Jennifer Bailey recently sat down with Startland News to discuss why startups need to invest in patenting their ideas.
While the return on investment isn’t immediate, “it’s the only way to save a company’s product from being plagiarized,” she said.
Bailey notes that while patent applications can cost “anywhere between $10,000 to $20,000,” the reason is “drafting a comprehensive patent for a tech startup requires at least 40 hours of a highly educated patent attorney.”
She explains, “A patent attorney is the only field of law that requires us to have a science or engineering degree. So for example, one of my associates has a PhD in computer science from a top five school. We’re in a field that requires really smart people, and there aren’t that many of them. And so it’s expensive.”
