Acknowledging the fact that there are several factors and ingredients involved in setting up a start-up venture , one prominent fact is that the key element in any start-up is the entrepreneur's Intellectual Property(IP). The IP is the key initiator for entrepreneur's access to financing and technology acknowledgment , which are instrumental in providing adequate thrust to start the venture. On the contrary some business strategists hold an opinion that start ups should make an early entry into the markets focusing upon addressing new market segments rather than entangling themselves into the patent filings and procedures. Well, from my point of view, I certainly don't buy that argument. All technology based start ups have one thing in common that is “ The new technology” itself. What's the idea behind spending huge bucks in creating ,distributing brands and targeting new customer bases when your technology itself stands unsecured from IP point of view.
How would a start up entrepreneur deal with the consequences of infringements and technology thefts by the ever growing competitive global market. The only way to ensure protection of your technology is by securing a “Patent right” on that. As early as an entrepreneur comes up with an idea to design a start up around a new technology , the next immediate step should be to file a provisional patent application followed by the complete specification later. Understand the utmost need of filing a patent application and securing an early priority date nationally or internationally because it might be possible that many other start- ups might be working on the similar technology and will be in the race of filing the patents themselves. Looking at the stiff global competition, entrepreneurs and inventors should aim for an early patent priority date to be in a profitable situation.
From business point of view, an early stage entrepreneur with an established patent portfolio will undoubtedly draw prominent attention for financing from the investors. Looking at the vast number opportunities which an entrepreneur enjoys after attaining IP rights on their respective technologies or inventions, I wouldn't mind spending an extra time to patent my technology. Start -up entrepreneurs can monetize heavily through their IP in the following forms : 1) Licensing their technologies with established companies , 2) Creating licensing Partnerships, 3) Selling their IP , 4) Reaping the benefits from royalties, 5) Damages awarded by infringements , 6)Using the IP itself . Thus, the right amount of money starts flowing in the start-up, just by the value of your intangible assets like IP. Therefore, the next time you think of launching your start -up , give a comprehensive thought on the benefits of Intellectual Property which could boost your start- up.
(Image by Emil Bacik)
