With the rising craze of constant innovation, a swarm of startups claim that their product\/service is innovative and world-changing.<\/p>\n\n\n\n

Creating a business plan, revenue forecasts, and MVP are some of the crucial first-steps followed by a typical startup, but does that guarantee long term success?<\/p>\n\n\n\n

Probably not! Because you haven\u2019t protected your innovation yet.<\/p>\n\n\n\n

If you’re wondering that the patents are complex and costly stuff, then let’s assure you it’s not.<\/p>\n\n\n\n

Also, by the end of this blog, you’ll know why to hire patent service for startups and entrepreneurs.<\/p>\n\n\n\n

So, what is that \u201cinnovative\u201d factor in business?<\/p>\n\n\n\n

Most likely, it could be an algorithm, hardware, method, delivery system, you name it.<\/p>\n\n\n\n

Whatever might it be? The core technology of a product\/service must be intellectually protected. This gives a competitive edge over the other in the field, acting as a durable moat.<\/p>\n\n\n\n

Here are the top 5 reasons your startup needs to hire patent services:<\/strong><\/h2>\n\n\n\n

1. Licensing patent – <\/strong>A Start-up <\/strong>holding a patent on a valuable innovation can license its patent to potential buyers like Big companies, government etc. This helps the start-up to generate huge revenue at an early stage from royalty and saves itself from setting manufacturing units to produce the product.<\/li><\/ol>\n\n\n\n
   1. Become more funding-worthy \u2013<\/strong> Do you know that the approval of a patent application increases the chance of securing VC funding by 53%? Yes, and it makes sense because an intellectually protected company is worth the risk!<\/li><\/ol>\n\n\n\n
      1. Higher valuation \u2013<\/strong> Even if you just file for a patent, you can expect an increase in 20%+ funding-round valuations. Further, it boosts the valuation of your startup if all goes well.<\/li><\/ol>\n\n\n\n
         1. Increase Sales \u2013<\/strong> Your target market is likely to take you seriously if you\u2019ve one or more patents. You can see over 50% growth in sales as compared to your competitors.<\/li><\/ol>\n\n\n\n
            1. Increased employment opportunities \u2013<\/strong> Surprisingly, as per the U.S Patent & Trademark Office, a patent-approved startup attracts more employment opportunities.<\/li><\/ol>\n\n\n\n

               Example of <\/strong>Apple\u2019s biometric 3D Face ID system with Eye Tracking Patent.<\/strong><\/a><\/p>\n\n\n\n

               Before Apple, Android devices tried to implement face recognition via 2D face mapping, which was not secure enough. Apple used the 3D shape of your face using infrared light that is comparatively secure. This is where Apple had the edge over others by having a patent on the more secured face recognition technology.<\/p>\n\n\n\n

               Conclusion<\/strong><\/h2>\n\n\n\n

               At last, if you have an invention, a new business idea, or whatsoever, consider consulting a patent service provider. By doing so, you\u2019re creating a durable moat around your business and property. This could help you, in future, in facing any sort of legal battles and emerge as an industry leader.<\/p>\n\n\n\n

               You can apply for patents<\/a> at Patent Panacea where we provide patent service for startups and entrepreneurs who aspire to solve problems. We’d be happy to be a part of your exciting journey!<\/p>\n","protected":false},"excerpt":{"rendered":"

               With the rising craze of constant innovation, a swarm of startups claim that their product\/service is innovative and world-changing. Creating a business plan, revenue forecasts, and MVP are some of the crucial first-steps followed by a typical startup, but does that guarantee long term success? Probably not! Because you haven\u2019t protected your innovation yet. If […]<\/p>\n","protected":false},"author":1,"featured_media":9,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2],"class_list":["post-8","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups-guide","tag-why-take-ip-seriously-for-startups"],"_links":{"self":[{"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/posts\/8","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/comments?post=8"}],"version-history":[{"count":4,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/posts\/8\/revisions"}],"predecessor-version":[{"id":22,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/posts\/8\/revisions\/22"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/media\/9"}],"wp:attachment":[{"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/media?parent=8"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/categories?post=8"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.patentpanacea.com\/blog\/wp-json\/wp\/v2\/tags?post=8"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}