Abstract:
In the present scenario, starting a new business can be a daunting task
and not something for the faint hearted people. There are a multitude
of reasons why promising start-ups don’t make it big and suffer a slow
death, persistent errors are there that hamper start-ups from the capital
raising process to launch, but the most common one’s may surprise you
and includes improper management of intellectual property (IP) of the
business. The start-ups have various plans for different parts of their
optimization strategy, but they miss out on one of the most important
aspects with respect to innovation that is the IP rights associated with
it, which may be helpful in shaping the future and to give an edge
in negotiating with other parties while raising low cost capital. In the
present paper, we shall seek to appreciate the importance of recognizing
the potential of IP assets, and the importance of a well-thought-out IP
strategy, which can be used by the start-ups to utilize their assets at
their fullest potential in order to launch a successful business. We shall
look into the IP strategies from business as well as legal perspective
as to ensure that the start-up is ready to take proactive measures in
safeguarding its IP assets to reduce the costs of not taking appropriate
action and special emphasis is laid on start-ups seeking expert guidance
and anticipating their IP needs as to up their game, and have a better
chance of success than the competing firms.
