Startups with robust patenting strategies have higher chances of success in fundraising or commercial growth. Therefore, protecting your startup’s assets with copyrights, patents or trademarks is crucial. Furthermore, it is advisable to protect your innovation in the preliminary stage of your business. Having a sound IP strategy from the beginning can benefit your startup in the following ways:
1. Prevent unlawful imitations
Numerous startups encounter fierce competition from companies of all sizes, who are eager to gain a competitive edge with limited resources and time. Startups are completely reliant on their inventions, so measures should be taken to defend them against infringements such as imitations by competitors. That’s why patent protection is useful because it prevents others from misusing your property and puts a legal check on your competitors.
2. Openly discuss your product
When you have a patent, you can freely market your idea or product to prospective investors or customers without worrying about it being misused. When an idea/product is too vague and away from its core USP, it can turn off the other party. Additionally, many companies are hesitant to sign an NDA before the first few discussions. But if you own a patent, situations like these won’t inconvenience you.
Click here to read more: Why patents can make a world of difference for your startup.
