Abstract:
There are many concerns an entrepreneur must struggle with when embarking on a business venture, but
most important of these is issues regarding business’s intellectual property. In today’s evolving world of
technology and social connectivity, intellectual rights are playing a vital role when it comes to starting or
growing a business. Intellectual property refers to a number of distinct types of creations of mind with legal
protection. These rights if not secured at the right time, may be lost forever. Intellectual property is a business
asset which has commercial value that many startups possess but they fail to realize the importance of it. The
main reason could be lack of knowledge in the field of Intellectual Property. This paper tries to discuss the
importance of Intellectual property rights as it provides competitive gains for an enterprise and also increases
its value and therefore it is necessary to let startup service providers and investors know the importance of
I.P, and ways to protect intellectual property in one’s business will be discussed with examples. It is aptly
said, ‘Ignorance of law is no defense’ similarly, the same cannot be pleaded in case of IP rights as they provide
time bound protection hence it is imperative that IP rights must be secured at the first instance.
