Innovations in ICTE sectors led to increase in IP creativity and also the Software & Electronics patent portfolio. Today, the rate of innovation and generation in technology has become very fast, the rate of obsolescence of technology has also become very rapid. Therefore, the rate of mortality of startup companies is also on the rise. For Startups, IP is crucial in drawing investments, doing business and helpful in their long term survival. Besides equipped with marketing strategies & possession of a valuable technology, the survival of a new tech companies require protection of technology against immediate imitation by others through effective IP management. Hence, Startups need to be aware of the importance of IP protection and IP as a tool in Strategic Business Management.