Intellectual property (IP) can help support a competitive
advantage in the market and provide a valuable asset that can help
grow your business. The reality faced by entrepreneurs is that
legal services can be expensive and IP protection may not be an
initial priority. But having an IP strategy can help you get the
most from your IP and help minimize common pitfalls and legal
expenses.
IP by itself will not make a company succeed, no more than
writing a song will make someone a rock star. Having a business
strategy that includes an IP strategy will help you make informed
decisions, identify opportunities, reduce unforeseen costs and
improve your negotiation positions while avoiding long-term
negative consequences. Demonstrating that you have an IP strategy
will be highly valued by any future investors, especially if IP is
your main business asset.
