In a landscape where just 2% of venture funding goes to women, understanding patents is vital for female entrepreneurs. What's your latest big idea? Have you invented or patented anything yet? According to the World Economic Forum, women hold only 10.9% of patents in the U.S., though this is gradually improving.
Despite this progress, a significant gender gap persists regarding recognition and rewards for inventions and ideas. Bree McKeen, who holds six patents, is well-versed in this subject.
Bree founded a lingerie brand, Evelyn & Bobbie, driven by her vision for a better bra. After struggling with discomfort from traditional underwire bras, she decided to design a solution herself. She joined a podcast to discuss her journey and the challenges women face in pursuing their patent ambitions.
Defining Patents: Utility Versus Design
Podcast Host: We've yet to discuss the patent application process on this show. Can you explain what it entails and why it often takes three to five years? Also, what exactly is a patent?
Bree McKeen: Patents come in two forms: design patents and utility patents. A design patent protects a unique look, like the iconic Burberry plaid, preventing others from replicating that specific design.
Utility patents, such as those associated with your iPhone, protect the functionality of an innovation. If Apple develops a new feature, it's vital for them to safeguard their intellectual property. Utility patents are more challenging to obtain compared to design patents. A design patent can allow for a 30% modification, while utility patents offer robust protection against similar functional inventions.
The Importance of Patents for Women Entrepreneurs
Podcast Host: If someone is considering starting a business or launching a product, should patent protection be one of their ambitions?
Bree McKeen: I strongly advocate for securing intellectual property. Recently, female-founded companies have received around 2% of venture capital. Most investors are men, who tend to back what they understand. If your product targets women, you must effectively communicate its value or seek out female investors.
Having intellectual property can facilitate funding because it offers concrete backing. Additionally, the prevalence of copycat products is alarming. Today, it's possible for someone to replicate your product and even use AI to misrepresent it online. Holding a patent enables you to assert your rights and take action against infringements, protecting your market share.
Advice for Future Founders: Guard Your Ideas
Podcast Host: You transitioned from the venture capital space to entrepreneurship. What insights do you have for women pitching their ideas?
Bree McKeen: First, remember that you don't have to share every detail about your business. I encourage you to be selective about the information you disclose. In meetings, investors may bombard you with questions, but your role is to assess their fit as potential partners.
Also, be wary of allowing investors to waste your time. Fundraising is demanding and can drain your energy. Tailor your pitch for each investor, as this process is a full-time commitment. I often found myself in lengthy meetings where I spent too much time convincing male investors about a women-focused product.
