Why a Patent is Your Cost-Effective Business Tool (by at least $1 million)
Remember the old saw, "People don't want to buy a quarter-inch drill, they want a quarter-inch hole"? This idea was revolutionary when Prof. Theodore Levitt of Harvard Business School first expressed it. Marketing had previously been consumed with features, features, features!
Startups are urged to understand the solution that their customer wants to buy - and not just focus on their cool technology. Howard Tullman of the accelerator/coworking space 1871 says to startups "If you want to survive, you sell services and solutions". He talks about companies migrating from selling a product - like a light bulb - to selling a solution - like turn-key lighting systems. Clearly, selling solutions is the only way forward for any company, not just startups.
INTERESTED IN LEARNING MORE ABOUT HOW YOU CAN INCREASE YOUR STARTUP'S VALUATION WITH PATENTS?
Yet when it comes to patents, many startups only think about protecting their tech.
It's true that a patent protects your valuable idea - stopping copycats and giving you a valuable asset. But your idea brings value to your customers as a solution, not as cool technology alone (although we bet your tech is super cool!). So in order for your patent to protect your valuable idea, it has to protect the solution that you give your customers.
Now that you're focused on patents protecting your valuable solution, you can really reap the benefits of patents as a business tool. You can use patents to protect how your customers experience your tech - and why they love it!
Patents are a super cost-effective business tool, because the value of your idea as an asset skyrockets! In fact, filing for a patent can increase your startup's valuation by $1 million or more.
And if you go to the right patent firm, you don't have to pay a ton of money to get a patent - check out our pricing (hint, hint).