How big a priority is it for me to apply for patent of my software algorithm?
It’s used in a prototype for an actual product (A), and a proof-of-concept for product (B). (B) has a very interested enormous Taiwan OEM, who may be able to sell millions of units and offered to pay license fee per unit or purchase my product by unit.
Product prototype (A) is a working app for iPhone or iPad, on Apple’s iTunes App store. (Works great but needs user interface polish and formal testing.)
Product proof-of-concept (B) I have demonstrated a couple of times for said prospective customer in the Silicon Valley, where I live.
Both (A) and (B) use my software algorithm invention.
Patent claims would also include systems that use my algorithm, as well as algorithm itself.
I have been awarded USTPO patents recently, for other software work.
A friend and founder of a terrific startup, market cap > US$200M, told me over lunch that his opinion is that patents are hardly worth it because defending them is expensive and too time consuming; best to innovate as fast as possible, generate revenue, sell the company, and celebrate.
So, now I'm wondering if I should spend all that time applying for patent. How big a priority is it?
(Note: I invented and wrote up the applications for at least 60 of patent applications for said friend's company, which are finally getting approved by USTPO. So I'm not afraid of the work to apply for patent.)