He blogs that if you’re talking to a VC who demands a patent to invest, you might be better served by looking elsewhere. Here’s a snippet on why he believes patents just aren’t necessary:
"…Over the years, we’ve seen more and more venture capitalists come to the realization that in many cases, patents do a lot more harm than good.
We’ve written about a few venture capitalists who have come out about problems with patents — and over the weekend Union Square Ventures’ Fred Wilson (a friend, and Techdirt reader), wrote about just how much damage patents have done towards innovation — specifically with some of his portfolio companies. Specifically, he’s talking about having those companies sued by non-practicing entities (he uses the term "trolls" which we like to avoid).
He also mentions — in the comments — how USV doesn’t require companies to have patents, and he’s invested in plenty of companies without patents."