The Secret Sauce for Startup Success – An Integrated IP Framework
Promoted by ipervescence.
In the recipe for startup success, intellectual property is a key ingredient. Startups are often overwhelmed by a smorgasbord of competing priorities and challenges, whilst facing budgetary and time pressures. In the flurry of rapid innovation, raising capital and building a customer base, dealing with IP can seem less critical. However, IP is often a startup’s most valuable asset. An integrated IP strategy may well prove to be a startup’s ‘secret sauce’.
As all good cooks know, timing is critical. Ideally, the framework for dealing with IP should be part of a startup’s broader business strategy from the outset. Trying to address IP issues down the track may result in lost opportunities, legal exposure for third party IP infringement and complications in trying to retrofit a new approach to IP.
The starting point is to identify your startup’s key business priorities – for example:
- developing your idea into a product or service
- identifying your customer base
- developing your go-to-market pathway
- attracting funding, rebates and investment
- building your brand’s reputation
- generating revenue streams
The next step is to consider how IP underpins your business priorities, and to develop an IP framework to help capture the value you’re seeking to generate. The sorts of things your IP framework may address include:
- protecting the IP associated with your idea
- safeguarding your confidential information
- facilitating go-to-market pathways including IT systems, databases and collateral
- developing processes to support applications and pitches for funding, rebates and investment
- differentiating your identity and customer value proposition
- providing opportunities for collaboration and licensing IP
- respecting third party rights
- engaging with open IP communities
Implementing an integrated approach to IP from the outset may well prove to be much more than the icing on the cake – it’s likely to significantly improve a startup’s chance of success.
ipervescence is passionate about the role of IP as a business tool. We offer advisory services to help clients deal with IP in the context of their business. To find out more about how we can help you leverage the unique benefits of IP to your business, visit the ipervescence website or to get in touch with us.
Karen Hallenstein & Jane Perrier - Managing Principals, ipervescence