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.”