You have a great idea that you know will grow into a great business. But how can you make your startup stand out from the crowd?
There are a lot of great startups out there and they’re all competing with you – for investment, publicity, user attention. Actually, they’re all competing with you for survival.
Take a look at the photo below. Too many startups are like the fish in the photo – barely distinguishable from each other. If I asked you to focus on one fish in particular, how could you tell which one I meant? And even if I could describe that fish to you, why would it matter?
Sure, each fish in the photo is attractive – but without a clear distinction between them, they all run together. Just like too many startups, unfortunately. You don’t want to be the founder that can’t make your startup stand out from the crowd.
Enterprise startups often run into the problem of fading into a crowd of like-minded companies. Your enterprise startup offers a clearly superior solution – but how can you communicate that to your customers?
One way to communicate your startup’s superior value is by demonstrating exclusivity. You need your customers to understand that your startup is the only one that can deliver a particular service or product. That clearly you and your startup stand out with your unique solution.
So how to demonstrate exclusivity? By creating a service or product that no one else can copy. You need to keep copycats from stealing your ideas – and you need to show your customers that you can stop copycats. Your customers need to understand that if they want your excellent services or products, they can only buy them from you.
How can you show your customers that they can only get those great features from your startup? With a patent!
PATENTS MAKE YOUR STARTUP STAND OUT
Patents provide exclusivity for your services or products. Exclusivity that increases your startup’s valuation by $1 million or more. Exclusivity that can keep VCs away from your competitors.
Patents block your competitors from copying your ideas. They increase your valuation by providing a valuable asset for your startup. And they entice VCs to invest in your startup – and not your competitors.
In the enterprise space, patents are particularly important for startups because risk-averse BigCos want to know that they are protected. If your startup doesn’t have a patent – and your competitor does – BigCos aren’t going to want to take a chance on your product or service. Even if it’s much better.
So you don’t want to be on the wrong side of a patent war. Consider the sad story of the SAAS startup whose competitor got a patent. The startup without a patent had problems getting funded by a VC. Why would a VC want to fund a startup that could get blocked in a few years by a competitor’s patent? That blocked startup could be forced to leave the business space or to sell its technology at a low price.
GET YOUR PATENT STARTED FAST
You definitely don’t want to wait! If your competitor files for a patent first, they could block you.
But if you file fast, you can reap the benefits of a patent quickly also. Patents make your startup stand out fast!
3 quick tips to make your startup stand out:
- Demonstrate exclusive features
- Patent everything that you need to be exclusive
- File for a patent fast
Remember – the only one who benefits if you wait to file your patent is your competitor!