Startups have been continuously striving to attain the market position. Amidst the pandemic situations, it is certainly a difficult task. To achieve profit and accomplishing goals, these startups have to understand and acknowledge the importance of IPR in their business.
Considering the world progressing towards a knowledge and innovation-driven society, intellectual property (IP) needs and importance for the growth avenues, can be a magical boon for these enterprises. No doubt, IP will provide an emerging platform in the startup sector to enhance their business and development opportunities.
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Startups – in a nutshell
Startups contribute a lot towards the GDP growth of an economy. Therefore, it would be feasible for the companies to invest in their IP Assets to exploit them at their own pace commercially.
The benefits of IP to various industries are no hidden fact, and it is always believed that the best players in the market are the ones who never let any opportunities slip away. Investment in IPR will certainly increase growth opportunities for all these sectors.
But, have you got your IPR Right – For all the startups out there, check for these mentioned below, before you proceed – Suggests Leading Business Astrologer and Astro-Strategist, Hirav Shah.
IP Guidelines
1.Are Your Patents Protected?
Have patent rights been put in right prospects to ensure patentability of all core inventions, including opposition filings where relevant.
2. Did you trace your Trademark?
Has the company or product’s brand and visual appearance been protected as trademark/design rights in all key jurisdictions?
3. Is your Portfolio Check done right?
Where does your IP sit about competitor activity – does the portfolio need to be reinforced with additional filings?
Have you analyzed the strength and weakness of the IP portfolio impact concerning your business’s value and potential?
4.Market Watch and Analyse
How crowded are the market and technology space for any new/core inventions – is there a risk of a third-party infringement claim?
Does additional IP exist in the business that has yet to be protected?
Make sure you pay attention to the above mentioned checklists of IP, without fail- Advises Renowned Business Strategist, Hirav Shah.
Significance
IPR is one of the most adaptable assets of the business. As much as it plays a crucial role in the success of a business, its value is undermined by many startups.
The surest way a startup can succeed against larger rivals is by patenting its innovations and inventions. Patents level the playing field between startups and incumbents by ensuring those who innovate are suitably rewarded.
When a startup patents its ideas its valuation increases and it is likely to attract investors. This is because investors are more likely to acquire a startup whose patents, designs, and trademarks are safe guarded.
When a startup patents its ideas, it is the only entity that can take advantage of creating products or services using its patents. This allows it to create unique products and services that have a good chance of success, thereby increasing profits.
Unless a startup protects its patents, designs, and trademarks using Intellectual Property Rights, its rivals can copy them and steal market share. An unpatented idea, when copied by a rival entity can be patented by the rival making it difficult for the originator of the idea to benefit from it. Hence patenting technologies and ideas are vital to the success of a startup.
Intellectual Property Rights are a significant reason for the vast innovation around us. Disruptive startups are challenging incumbents with patented technology ideas. Intellectual Property Rights are also an important reason behind the success of the Indian startup ecosystem.
Intellectual Property Rights allows a startup that has developed an innovative device to compete effectively against large companies after patenting its invention.
Therefore, you have a chance here of turning just “ideas” into super profitable business assets for better growth opportunities, Opines Hirav Shah.
Final Thoughts
As technologies, market climates and legal landscapes evolve, intellectual property protection needs to adapt, particularly when it comes to startup companies. Getting your invention off the ground and making sure it remains profitable well into the future means taking a careful, modern approach to your IP protection, Concludes Leading Business Strategist, Astrologer, and Advisor, Hirav Shah.
