Open Letter To Entrepreneurs

• Published date: 08 December 2022
• Subject Matter: Intellectual Property, Patent
• Law Firm: JMB Davis Ben-David Ltd.
• Author: Mr Jeremy M. Ben-David

Dear Faith,

I assume that it's ok for me to address you by your first name. Even if you go by a different name, 'Faith' is what drives you and this is how you appear to the world. I say this based on decades of experience, during which I have met many entrepreneurs who are all connected via a common thread, namely, having had a moment of inspiration, the germination of an idea, a technology, or a business . Almost always in embryonic form, often no more than a twinkle in your eye, you can envision what the mature 'adult' venture will look like. It may not turn out exactly as you envision, but at this initial moment of conception, that's not as important as the faith and belief that you have in your vision.

First, I would like to offer you a word of caution. You will probably encounter naysayers along the way, those who will point out, negatively, the amount of time, energy and money that you will need to invest in your venture, emphasizing the sacrifices that you will need to make and portraying your impending journey as one step too far, a mountain too high, and so on.

Of course, you will need to invest time, energy and money. We are familiar with the well know Chinese proverb "A journey of a thousand miles begins with a single step". However, this should not dissuade you; to the contrary, you should be encouraged by the magnitude of the journey on which you are about to embark! How many people have that opportunity in life?

For sure, you will need to make a business plan, a plan of operation, and you will need to raise funds. But none of that should put you off. Not with the faith that you have, both in yourself and in your partners on this journey.

Second, I would like to offer some advice based on my experience not just as a Patent Attorney, but also as someone who has seen and accompanied startups over the years. My advice essentially consists of a single word:

Breathe.

Now I know that such advice may not sound like much, but if you've ever tried it, it's a marvelous way of getting oxygen to the brain; and that, in turn, enables us to think clearly. This is required so as to decide on the short-term and medium-term goals, the steps that are necessary to attain the goals, and partners that may be helpful in doing so.

When I say 'partners', I don't necessarily mean other individuals who will become joint owners. I am referring to advisors and mentors, legal and financial professionals, and engineers or others with technical skills that your venture may...