According to Efrat Kasznik, Foresight’s president and founder, and a Lecturer on IP strategy at the Stanford Graduate School of Business, the new initiative is particularly important for startups in IP-rich industries ranging from the Internet of Things (IoT) segments such as wearables, automotive and home automation, to material sciences such as Nanotechnology.
“The success of a startup idea hinges on the ability to turn it into valuable intellectual property. This relatively straightforward concept, often ignored by many founders, is the only way to ensure return on investment, even if the product itself fails in the marketplace,” Kasznik said.
“We repeatedly see startups come to us after they have mismanaged their IP, either as a result of ignorance about the process or as a result of miscommunications with their patent lawyers.
Kasznik says new patent laws in the US under the “First to File” regime, recent Supreme Court decisions, as well as the increased risk of patent litigation, make it absolutely critical for a startup to start building its IP portfolio as early as possible. “Foresight’s STR-IP program provides startups with a structured approach to aligning their IP strategy with their business model and financial projections.”
Foresight promotes itself as striving to build IP portfolios for startups with several objectives in mind, including:
• Create the right balance of offensive and defensive goals
• Position the company to gain market share
• Manage the risk of litigation
• Enhance valuation and positioning for funding
• Increase the likelihood of a successful exit.
Kasznik said the STR-IP initiative will be officially launched at the Consumer Electronics Show (CES) in Las Vegas, Nevada during the week of 5 January.