[[intellectual property|Intellectual property]] (IP) represents an important component of [[intellectual resources]] that can provide a competitive edge. There are five main types to consider. [[trademark|Trademarks]] protect branding elements like marks, logos, and slogans (e.g., the Nike swoosh), preventing others from using confusingly similar marks. Protection lasts as long as the mark is in use and can be strengthened through registration. [[copyright|Copyrights]] protect creative and authored works such as software, songs, movies, and website content—not the underlying ideas, but their expression. Copyrights generally last for a very long time and prevent unauthorized copying or distribution, though independent development of similar work is permissible.   [[trade secret|Trade Secrets]] protect valuable non-public information, like formulas (e.g., the Coca-Cola recipe), customer lists, or proprietary technology that a company chooses not to patent. Their protection relies on the company's efforts to keep them secret and can last as long as reasonable steps are taken. Contracts and Non-Disclosure Agreements ([[NDA|NDAs]]) define protectable information (technology, business information) through legally binding agreements. It's a common misconception among founders that investors will sign NDAs for initial pitch meetings; this rarely happens. An NDA might be appropriate later in the due diligence process if an investor shows serious interest. Finally, [[patent|patents]] grant a government-issued monopoly for a non-obvious invention (new technologies, hardware, algorithms) for about 15-20 years, preventing others from making, using, or selling the invention. The importance and strategic approach to IP (e.g., patenting heavily in life sciences versus less so in mobile apps) vary significantly by industry. While [[key resource|resources]] are what a company has, [[key activity|key activities]] are the most important things a company must do to make its business model work. These are the critical actions necessary to create and deliver the value proposition, reach customers, maintain relationships, and generate revenue. Examples include problem-solving for individual clients, managing a supply chain, developing software, or conducting research and development. Like key resources, these activities are tailored to the specific business model. For instance, a software company's key activities would heavily involve software development and platform management, while a consultancy's would revolve around client engagement and problem-solving. Identifying these key activities is important because they directly impact the [[cost structure]] and require specific [[key resource|key resources]]. If a key activity is inefficient or poorly executed, it can drain resources and undermine the entire business model. Startups need to understand which activities are core to their unique value proposition and which might be outsourced or handled through partners. This focus ensures that the company concentrates its efforts and resources on the actions that truly drive success and competitive differentiation. Next: [[Understanding Cost Structure and the Operational Financial Timeline]] Back to: [[What Resources and Activities Will You Need, and How Much Will They Cost?]]