Getting IP Granted

Having IP granted is often a very long, drawn-out process and it will be worth Marcela establishing if there’s an opportunity for commercialising the intellectual property on Rico Mexican Kitchen before she starts to spend money trying to patent and trademark everything. Especially as sometimes the process of getting IP granted will slow down the execution of the actual product – the last thing a creative entrepreneur needs!

If I take iTeddy as an example, appearing on Dragons' Den was a real lesson. I realised I had to use what is called first-to-market momentum - using the advantage you have in getting your product to market to beat off would-be copycats.

That means getting your product to market and on to the shelves of one of the big players before anyone else, and if someone does try to copy you, as long as you've executed it well, they're always going to be behind.

With the best will in the world, there's usually a way of someone knocking off your product by tiptoeing around your IP - its often the first signs of your success, others wanting to create a "me-too" product - but if you've delivered the sales for your retailers and developed good brand awareness, your competitors will always be playing catch-up.