I am always amazed at how entrepreneurs on Shark Tank try to argue the value of their company based on a provisional application.  This show was a classic case of this. http://abc.go.com/shows/shark-tank/episode-detail/episode-409/1043697?page=4.  The product was a simple leg wallet, and they acted like nobody else could compete with them.  Utter nonsense.

First, the patent office isn’t going to give them a patent on a wallet you hook to your leg.

Second, it’s just a provisional application, not an issued patent.  When investors ask me for help in evaluating a patent portfolio, I assign a value of $0 to a provisional application.  Yes, you should file patent applications to protect your IP, but any savvy business person will give it no value.  I have seen cases where the value was decreased when an application was not filed, but never increased just because of a provisional.