Just speaking from considerable experience that a minority of startups can benefit hugely from a good patent strategy (e.g., saw one of my early-stage fiber opt

Just speaking from considerable experience that a minority of startups can benefit hugely from a good patent strategy (e.g., saw one of my early-stage fiber optics clients get to $400M annual run rate and multi-B valuation, with the dozens of patents filed by its founder proving to be a major factor in valuation at interim funding, at IPO, and at ultimate merger with JDSU). I find your overall logic compelling, however, as I have seen startups use patents all too often for empty positioning, at considerable cost.