Why the convenience market is betting big on its future
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Ofri Ben-Porat is the co-founder and CEO of Edgify, which focuses on federated learning frameworks and democratized training.
Venture capitalists add value in a number of ways. For example, one of my business’ backers has a deep tech “pod” that generates events and content we are always welcomed to be a part of. Another one of our investors gives us full commercial support through its network of mentors that are there to support the business, not the VC. Due diligence works both ways, and entrepreneurs shouldn’t be in a rush to take investment from anyone that offers it.
I might not expect that from every VC, but if they promise those “assets” by saying that they are here to drive innovation and growth, then I expect them to deliver, just as I have to back up the claim of having a team of supersmart machine learning researchers.
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Welcome back to Daily Crunch. It’s Monday, May 24, and all I can think about is how much I want a Surface Duo now that it can do two-screen gaming. And one of those new iMacs. I don’t need either, of course, but that doesn’t stop my coveting both of the gadgets. Alas.
Regardless, it was a super busy start to the week, with lots of startup funding rounds, more in the long-running saga of governments trying to control social media platforms, even more IPO news and the latest troubles with Tesla. Let’s cut the chatter and dive in. Alex
Ofri Ben-Porat, co-founder and CEO of deep tech AI business Edgify
Peter Finnie, partner and patent attorney at IP law firm Potter Clarkson, says YES:
Consider IP protection from the belief the customer is always right. Across countless industries, founders determine what customers want, make it and then sell it. Investors will want security and certainty around protection for the technology they’re committing to. By skipping the crucial step of acquiring a patent portfolio, founders restrict their ability to play the long game.
By defensively publishing the inventive concept, an investor is subsequently denied the opportunity to protect their investment and now any other party can freely use the technology. It’s like Willy Wonka opening himself up to Slugworth and expecting everyone else in the industry to do likewise.
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