Kick-StartiP will help you start up and start strong … starting with your IP
If you’re going to succeed in this increasingly competitive world you will need to give your business the strongest possible start. But how do you do that?
Your business has most likely evolved from a great idea. If that is the case you will have built your business plan around that idea and, from there, created the strategy and tactics to deliver that plan.
This is a proven path taken by most innovative, new businesses. However, we’d like to ask you one additional question:
Have you considered the pivotal role your intellectual property (IP) will need to play to make sure your strategy succeeds?
Your IP will define the value of your business. It will provide you with a commercial advantage. It will allow you to create exclusivity. It will protect your products or processes from the unwanted attention of your competitors and potential infringers.
And, if you are seeking investment, your IP will become even more crucial.
We have seen valuations drop by as much as 70% when investors spot weaknesses in an IP portfolio. More worryingly, we’ve also seen a significant number of investors walk away entirely if they don’t like what they see.
This means that if you are going to give your business the strongest possible start, you’ll need the strongest possible IP strategy - a strategy that not only complements but maps exactly to your business plan from the outset and a strategy that will support the strongest possible exit.
HOW CAN YOU GET YOUR STRATEGY RIGHT FROM THE (Kick-)Start?
Don’t think of IP as just a compliance exercise or, worse still, put it off until later. Once you start down a particular track it is difficult (not to mention expensive) to get back on course. By that time, your opportunity to make the best possible start could have been lost for ever.
Instead we’d always suggest you take time to:
- Understand the potential importance of your IP, how it could support your company, how it will deliver your business plan and how you can use it to make your business more valuable.
- Identify exactly what innovation you have and the type of IP protection that fits best with your business plan so you can work out when (or if) to start the process of obtaining registered protection.
- Develop a formal patent, design, and trade mark filing strategy to dictate where, when and how you file and protect your know how.
- Document all of your supporting information so you have a comprehensive but straightforward roadmap you can share with your board and potential investors.
- Implement! Even the best ideas have little impact if they’re not acted upon so, once you have completed the first 4 stages, you’ll need to take the necessary action.
WHY SHOULD YOU CHOOSE TO Kick-Start(your)iP?
The short answer is Kick-StartiP will give you all the clarity and certainty you’ll need to give your business the best possible start you want.
At the end of Step 1 you will have:
- An explicit IP strategy (in writing) that will help you make the right IP decisions and manage your rights responsibly, commercially and cost-effectively
- A report that confirms your inventive concepts, the relevant IP rights and the ownership of your inventions and summarises the other legal or commercial issues you should address
- A set of slides that provides an executive summary of your IP strategy that you can add to your deck for use in presentations to prospective investors
- An accurate budget for your future IP-related costs
And, as you start working through steps 2-5 you will have your very own attorney, someone you know and someone who already knows you and your business so you continue to receive the best possible service and the most relevant advice at every stage.