Or perhaps that's just what they want you to think...
That can be overcome, especially with sustained collaborative effort.
But the production of the displays, controller software aside, will not be "cheap".
Think of 3 years of research. Rather than it leading to three years of progressively better consumer devices, you instead patent the first idea and use it to go to market, then sit on the rest. After X amount of time (where X < 20 years), you patent the next winning idea, and go to market with it. Etc.
This presents a challenge to would be competitors; to go to market, you have to leapfrog the existing technology and patent (with as broad a language as patents tend to have), hope the incumbent doesn't have something that would immediately deprecate your product (or at least, relies itself on something you patented along the way), and then overcome the incumbent's existing advantage in in the market. And also be prepared for a legal fight, since almost assuredly one of you is going to accuse the other of infringing a patent.
If you want one using anything developed in the past 5 years...oh, look, that's why eink still has a research division; they've been slowly improving things (not as fast as actual competition would cause, but enough to make it hard for someone to just leapfrog them using seed capital) and so would-be competitors are now running up against patents with 15+ years left.
If it's been that long, do the blocking patents expire soon?