IP stands for Intellectual Property. and Intellectual property rights are crucial for innovative entrepreneurs.
Patents implicate a greater significance in the startup ecosystem. IP is one of the major components which drives startups towards success.
IP rights help an entrepreneur to protect the new inventions, new creations as well as the existing ones. Apart from getting the rights, the overall process of filing the patent or applying for a trademark, or registering for the copyright, helps an entrepreneur in various directions, adding new dimensions, to the existing work.
The process enables entrepreneurs to decide the amount of time to be invested, in a particular idea to change the direction of an idea. Also, helps to understand where exactly I belong? And prevents them from running into potential intellectual property disputes, saving a lot of energy and time.
Importance of Intellectual Property :
When you step into a start-up environment with IP rights, you enter and grow faster, with a competitive advantage, compared to those who are not having IP rights.
From Investor's view, IP is a major component, which makes or breaks the decision, regarding the investment.
IP gives the venture an edge over its competitors immediately after it takes off & establishes itself in the long run as well.
Patents are important to startups because they provide a legally sanctioned monopoly that bars entry to competitors.
In addition, patents may serve defensive purposes in that competitors may be less likely to sue a startup for patent infringement if there is a risk of a countersuit.
Further, a startup can use the term “patent pending” in advertising with respect to its product or service, which may attract investment, increase valuation and deter competitors.
In short, Intellectual Property rights are essential to grow and sustain yourself.