Due diligence is important regardless of what industry you’re in and what stage your company’s at. Due diligence is even important outside the business world. You wouldn’t buy a house without verifying that the seller really owns the house (something your broker usually does for you). You wouldn’t book a vacation with a travel agency unless you verify that the agency really exists.
So why start a business without doing a proper check on relevant intellectual property and trademarks? If your business rests on that IP or trademark, and it really belongs to someone else, you could lose substantially all of your business in a lawsuit. Those lawsuits only come after you’ve put in hours of hard work and built enough of a name for yourself that you show up on someone’s radar.
For more info on trademark research and protection check out Jeff Fabian and read the article below: