Great Companies: How did you get your idea or concept for the business?
Dr. Prachi Chopra: To get the Idea of starting my business in the field of Intellectual Property Rights was an extremely immediate but at the same time most awaited decision. I had been thinking of starting my own business since almost 5 years before I started Intellect Bastion IP. My brain at that time had always been searching for the concept on which I wanted to start the business. At that point of time, I was into service industry, exploring different kinds of roles in academia as well as corporate world. During those times, while working with my last firm which was based in IP services, I just realized that this is the kind of work I would like to opt for as a concept for my own business. The reason being, I loved doing it, and I loved the procedures involved in patenting process because they involved entanglement with technology and my whole educational as well as professional background revolves around technology only. It always feels interesting to me to protect other inventors/creators technology/creativity and see them with smiling faces. Eventually, I made my mind, prepared myself for my own journey with this beloved idea and I left my job and started my business in the same field the next day itself.
Great Companies: What are the various Services provided by Intellect Bastion LLP
Dr. Prachi Chopra: Intellect Bastion IP is an Intellectual Property Rights based law firm. We have a team of multi-disciplinary experts that provide help to researchers, academicians, startups, inventors, universities, and corporates during their complete research cycle. We provide them analytical solutions during their research cycle to convert their visionary ideas into a business. Our services include Patent analytics, Patent searching, Patent analysis, patent drafting, filing and prosecution and commercialization, industrial designs registration, copyright registration, trademark registration, Novelty/Patentability searches, Freedom-to-operate searches, landscape searches, (in)validity searches, and business analytical consultation.
Great Companies: What makes Intellect Bastion IP different from hundreds of other similar service providers?
Dr. Prachi Chopra:
Intellect Bastion IP stands out and fills up two major lacuna's in the field of intellectual property rights which is not provided by a gazillion of law firms, and those lacuna's are “intensive Guidance and Consultation to clients on their need” and “creating a platform through which our clients can reach out to their own clients”.
These two bench-marking assistance's provided by Intellect Bastion LLP pivots our clients and moves them into an entirely different trajectory of success and satisfaction of achieving and receiving each and every bit of what they expected from us, in fact significantly more than that. If I talk about other law firms, they only pave the roll of completing the specified task of Intellectual Property rights demanded by the client without providing them the additional assistance which is actually required by the clients and their business’s growth and success.
Great Companies: What are the struggles and challenges you face?
Dr. Prachi Chopra: My journey has been full of struggles and challenges since the day I started. There is no. pre-defined set of rules to achieve business success. And If I talk about me, I belong to a service class family, all the members of my family before marriage and family after marriage have been doing job for years and no one is doing business, neither do they want to do that. Hence, it was very difficult for me to start by bootstrapping and reach the position where I am right now, as a Founder & Director of a successfully rooted company Intellect Bastion IP. During my days of struggle, I had to work day and night, and simultaneously manage my family, my child. It was a roller coaster ride with no time for my own self. In the early days, I used to work at completely cost-to-cost pricing so as to build up my clientele and provided many services as pro-bono services just to spread the name of my company, collect testimonials and good reviews. I believe, this phase is faced by every entrepreneur in his/her early stage. Those who keep the patience to cross this stage, rise up like a phoenix and those who don’t emerge out as failures. I would like to direct the attention of every entrepreneur reading this to beware of this stage and rise out of it without losing patience if you seriously want to live your dreams.
Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for Intellect Bastion LLP?
Dr. Prachi Chopra: 5 years down the line, I see myself as a 10X version of what I am right now. I want to learn, learn and learn and thus improve myself to fulfil the needs of my clients in a more efficient manner. I would also like to create more frameworks for providing services to my clients for their Intellectual property Right’s needs. Right now, ours is a service industry. I would like to enter into product-based industry as well by innovating useful products for the gaps in the field of intellectual property rights. Lastly, I would like to significantly increase the number of employees under our official roof by the end of the next 5 years.
Great Companies: If you had one piece of advice to someone just starting out, what would it be?
Dr. Prachi Chopra: The journey of entrepreneurship is a roller-coaster ride. There is no book of steps to achieve it. In fact, it is different for everyone. Most start-ups fail because of a lack of patience as well as a lack of smartness. It’s best to fuse hard work with smart work, most often. If one strategy of yours fails to achieve your target, immediately concentrate and question yourself “WHY” and change the strategy accordingly. When you’ll try 9 ways and fail, then the 10th one will definitely work for the problem you are facing, and the excitement level you’ll experience at that point of time will be unimaginable. The pointed to be noted here is to have the patience to complete those 9 ways to reach the 10th. There is no shortcut for success, just enjoy each and every day of small successes and failures (which are an indispensable and unavoidable part of success) and finally, you’ll be proud of yourself.