Many new entrepreneurs dismiss the importance of having a sound IP strategy from the very start. The usual excuse is, “I’ll make sure my business starts making real money and then I’ll deal with this law stuff.”

I call it a lose-lose scenario. The two alternatives are: (1) the business never makes it; or (2) the business becomes successful, but immediately it finds itself defenseless against all those who want a free ride on its success.

Think about Coca-Cola – would they be where they are today if they decided to wait until they sold a few hundred thousand bottles before they figured out how to protect their most important assets - their know-how and trademarks?

If your business involves creation, use or licensing out of content and you do not have a meaningful IP strategy, then you are not being serious about your business.