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I have over 20 years of Software Development and 10+ Years of Project Development Management experience. I have plans to apply for two more Patents, (besides one Provisional Patent already applied). I have spent about 2500$ so far, but would like to find a way to share expense.

So, First I have to find a good Business Partner and Second I have to go seek Angel Investors. I was told by a successful businessman that a systematic way to start would be to get a few Patents (that way you show your credibility to the VC's) and then get initial Angel Investment (0.5M to 1.0M would suffice). Then get the product development going for a year, and right around the one year time period you can apply for Patent in USA, and other countries. Then seek VC money.

Any suggestions? Are there any myths here OR is this a good advice?

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Is your goal to own patents, to get investors, or is your goal to make a successful business/product? – TimJ♦ Mar 21 '12 at 20:34
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I would think you should start building first and foremost. Forget the patents for a while. Until you actually have enough money to afford both patents and a full time employee. – SpoiledTechie.com Mar 21 '12 at 20:48
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The advice from your friend was accurate around 2000. Ten years later, it doesn't work that way anymore. – Alain Raynaud Mar 21 '12 at 23:34
No, do not forget the patents for a while if you have something innovative to work on. One does not exclude the other. File your provisional application and build you product. As soon as you ready you can convert your provisional application into patent application. – maciej Mar 22 '12 at 0:02
@TimJ All of what you said – user16944 Mar 22 '12 at 1:33
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Getting an investor is an extremely expensive way of splitting a $2500 expense, and getting half a million of more of any kind of funding for just an idea is going to be like winning the lottery unless you have some very well connected contacts.

Having a patent, and being able to create and sell a successful product/idea are very different things.

There's nothing to stop you approaching investors sooner, but at the very least expect that you're going to need to be able to define the problem/opportunity that needs to be solved, show that the people with the problem are willing to pay for a solution, then start prototyping (be it, paper, electronic of physical) and get further confirmation that people will pay for YOUR solution. As well as some indication that you know the market and have the basis of a business plan in the works.

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It is $2500 per patent. But I see your point – user16944 Mar 22 '12 at 1:32
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You do not need to wait a year before filing a regular patent. You can do it at any time after filing the provisional application. The provisional patent is just a date holder so you have up to a year to decide if you want to go ahead with it. Don't spend any money on provisional patents. They do not get evaluated, read, or looked at in any way. It's just a stamp with a date on it, but it expires after one year.

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Thanks I will keep that in mind – user16944 Mar 22 '12 at 1:32

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