2. Why Are IP Driven Start-ups So Successful?

If we deem investment or a successful sale as being indicative of success, it is clear that start-ups which, from an early stage, have had a clear IP strategy and that have pursued that strategy to secure a strong and relevant IP portfolio, will have a greater likelihood of success than those start-ups that lacked focus or engagement in this area. This is clearly elaborated in the article, "IP in early-stage commercial and investment success", Joseph Hadzima, Bruce Bockmann, and Alexander Butler, Intellectual Asset Management (IAM) March/April 2010; "winners are many times more likely to hold intellectual property than losers". Whilst the winners identified by Hadzima are the venture capital "industry", if they win the founders are also likely to win. Other work suggests that a doubling in the patent application portfolio of a new venture is associated with a 28% increase in that venture's valuation by investors ("Patents as Quality Signals for