Recent efforts by the government, investors and innovators have
helped facilitate the growth of budding businesses in India. While
the initial plans for any business involve indispensable demands
and priorities, protection of intellectual property (IP) is often
overlooked, mostly due to the costs involved. However, IP may prove
to be a crucial asset for a startup on its road to success.
A preliminary search for IP assets such as patents, trademarks,
copyrights and designs can give entrepreneurs an idea about the
chance of success for their startup and its underlying business
model. For example, if a similar patent, trademark, or design,
which forms the key basis of the business model already exists, the
entrepreneur is in a better position to evaluate the business model
and ascertain whether a modification is required to avoid future
conflicts. They can then decide on the amount of investment to be
made, or whether to go ahead with it at all.
