According to the Bureau of Labor statistics in the US, around 50% of new businesses fail in the first four years. For many entrepreneurs, the list of tasks to be undertaken when setting up a start-up will be long, including everything from sales and finance, branding and marketing, through to product development and protection of intellectual property. However, most people are not experts in every area. They will not encounter these specialisms during the course of their academic career and will be left to 'guess' what's to be done during the early stages of the foundation of the business.
However, there are three pillars into which the key activities for new businesses fall, namely:
Identification, protection and commercialisation of intellectual property
In this interview, Joe Sekhon, senior IP lecturer at the University of Portsmouth and director of the Intellectual Property Advice Support Service (iPASS), explains the importance of following a specified framework that relates to these activities.
PatSnap has also teamed up with Joe to provide a short, seven-part video series on Academy by PatSnap.The course aims to help students, graduates, entrepreneurs - and, indeed, anyone with an idea - to turn their idea into a successful company that has all the pillars in place to ensure sustainable growth and a profitable future.