Using Patents to Fuel Your Startup Strategy- Upcoming Event
Here’s a simple, but challenging question for you to think over: Why does your startup exist?
You may wonder why we’d ask such an obvious question, but at the heart of the answer is your startup’s unique value proposition--and the building block for your long-term intellectual property and innovation strategy.
Startups arguably exist to fill an unmet need or space in the market through a product or skillset. And how does your startup fill that space? By doing something differently than the current offerings on the market. That “different” thing is your startup’s competitive advantage. It could be your product’s new design or maybe it’s the very idea that your startup is built on. Both of those concepts may seem vague, but as you dig deeper into your startup’s raison d'être, you’ll start to discover that the answers to these questions can lead you to a powerful tool to build into your startup strategy: intellectual property.
The term “intellectual property” (IP) sounds mundane, but we assure you that IP can be the key to your startup’s success. A patent can increase your startup’s valuation, send a signal to investors that you’re serious about protecting your idea, and fend off competitors in your industry. The specifics of patents (as well as copyrights and trademarks) can depend on the product that you’re building, your industry, and your core competitive advantage.
However, there are some similarities in the power of a patent (and how it can help your startup) that transcend industry and product:
1. A patent can be a financial tool to prove to investors that your startup is ready to grow. Don’t believe us? Check out a 2008 study from Berkeley which found that 67% of startups reported that patents were vital for securing venture capital funding.
2. Looking to secure new partnerships, joint ventures, and R&D relationships? A patent can be the key to growing those relationships, as it provides the legal structure for you to share, license, or develop new products with your new partners.
3. If your startup operates in a competitive industry (looking at you, artificial intelligence and biotech startups), a patent (or other IP protection) can fend off competitors and secure your place in the market.
If you’re looking to learn more about how a patent can help fuel your startup strategy, we’ll be talking about different patent strategies at District 3 in Montreal this upcoming Thursday, August 1st.
Get your tickets here!
And of course, if you have any questions, feel free to contact us with any questions about your idea.
We are your go-to resource for all things Patent and IP! Learn how you can secure and grow your startup with instructive daily insights from our Learning Hub: https://kisspatent.com/learning-hub
Still hungry for more? There is a wealth of information in our Resource Center! Explore our ebooks, whitepapers, webinars, and more: https://kisspatent.com/resourcecenter
Wondering if your idea is patentable? Have a question about this article? We can answer all of your questions — just hit "contact us" down below!