I recently had the privilege of attending an educational workshop as part of the Oregon Entrepreneurs Network (OEN) Angel Food Conference and Education Series 2019. The workshop centered on the topic of scaling up businesses in the food and beverage sector.
Being a food science graduate and getting to work in food and beverage related patents, I was excited to learn about challenges for food and beverage businesses as they begin to grow. Discussion ranged from production to distribution to financing. No matter the topic, however, one of the central themes was finding partners that are the right fit for the various growth stages of your business.
These partners come in many forms, such as mentors, employees, co-packers, distributors, and financial institutions. And these partners can further include intellectual property (IP) counsel. Finding IP counsel that understands your business and how to serve your business as it grows is an invaluable asset. The right IP partners can help to protect your business in the early stages, maintain market share as it is growing, and help pave the way for future opportunities.
For example, at McCoy Russell LLP, we serve our clients through various growth stages by way of IP portfolio development, which takes a holistic point of view of our clients’ IP protection. In developing our clients’ IP portfolios, we work with our clients to understand the trajectory of their businesses. Then, with this understanding, we tailor their IP portfolio to support where their business is currently at, as well as the direction their business appears to be growing.
Bringing it home, scaling a business involves developing strong partnerships. Like any relationship, the best partnerships not only meet you where you are but help with where you are going.