By: Muriel Vega
Every startup begins with an idea, but what if you don’t have the $60,000 on average that it takes to file a patent on hand right now? Many founders don’t start their businesses with that kind of financial standing and choose to remain bootstrapped. So, how can you prove that you thought up that big idea before anyone else?
Intellectual property lawyer Eli Sheets built his career giving people patents and learning the industry from both the government and enterprise sides after working with several Fortune 500 companies. During that time, he learned not only how difficult it is for people to navigate the patent system, but also how expensive navigating that system can be over the life of a patent.
As blockchain began to take off, Sheets started to see how he could use it to timestamp ideas in a way that couldn’t be challenged in court.
“There’s a big hole in the evidentiary process,” Sheets tells Hypepotamus. “In litigation and for IP suits in the last half of the century, the kind of evidence that was brought in was usually hand-dated lab notebooks or notes from inside of a company to prove when something happened. But really, that wasn’t cutting it for most judges.”
Read more >> https://hypepotamus.com/companies/ideablock/
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