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When reality television and entrepreneurship intertwine, shows like ‘Shark Tank’ and the UK’s equivalent ‘Dragons’ Den’ come to mind. Both programs involve aspiring entrepreneurs pitching (hopefully) lucrative business models to a panel of celebrity investors, seeking to secure investment capital in exchange for equity in their company. A common roadblock faced by entrepreneurs on both shows is a loss of investor interest upon learning that Intellectual Property (IP) protection has been neglected. In fact, generally, a surprising number of business owners fail to protect their company’s products and brands with suitable patents and trademarks.
It may seem obvious that protecting intellectual property is vital to the success of any business, but as Shark Tank – and reality – has shown, it’s not always considered a priority. Unfortunately, failing to implement the necessary IP protections can leave a company vulnerable to copycat competitors that can reduce its valuation and weaken its brand.
Russ Weinzimmer, Senior Patent Attorney and Founder of the leading US Patent Law firm Strategic Patent Law®, comments: “Without patent protection, competitors can replicate a company’s valuable innovations, which erodes their competitive advantage and reduces their ability to establish market dominance. It’s imperative for a business to take action to legally protect their innovations before it’s too late – at which point, valuable IP rights are permanently lost.”
According to an article published in the World Economic Forum, securing patent protection gives startups a clear competitive and economic advantage. Granting the first patent for a company is associated with a 36% increase in employment growth and a 51% increase in sales over the following five years. In addition, patent approval boosts the probability of attracting venture capital by 53% and more than doubles the probability that a startup will go public.
“Though the IP process may seem intimidating,” adds Russ, “at Strategic Patent Law, we guide you through each stage, helping you understand the legal strategy and how it synergizes with your business strategy. The first step is to determine what innovations can and should be protected. For example, we will help you understand what’s patentable and help you avoid the mistake of neglecting to protect valuable trademarks.”
By legally protecting exclusive rights to their innovations, startups, and small and medium-sized businesses (SMBs) are better positioned to rightfully establish themselves as industry leaders. If IP protection is neglected, their business plans are not only considered incomplete when presented to investors (such as on Shark Tank) but they may find it difficult to defend against copycat competitors.
Russ Weinzimmer continues: “The time and money invested in the patenting process saves a great deal more in the long run. Developing a complete and comprehensive IP strategy is a protective measure that should not be neglected in the process of creating a successful, future-proof business plan.”
Leveraging a diverse background in technology, business, and law, Russ Weinzimmer and his team at Strategic Patent Law® are well-equipped to engage with entrepreneurs in all industries – helping them cultivate robust patent and trademark strategies.
To schedule a consultation, contact Russ Weinzimmer at Strategic Patent Law today.
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