Successful startups need strong intellectual backing, Venture Investors Managing Director Scott Button said Tuesday at the monthly WIN luncheon held at the Sheraton Hotel.

In addition to needing intellectual backing, Button said IP and patents are the core and key to success.

Wisconsin Alumni Research Foundation Managing Director Erik Iverson also agreed with the importance of the patent system, especially as a young company.

“Without a patent system, you are truly jeopardizing the startup ecosystem,” Iverson said. “However, I believe there needs to be more rational dialogue about improving the patent system.”

With it being an election year, topics such as intellectual property and patents are being discussed throughout Congress. There needs to be more targeted legislation when it comes to this topic, and the reasonable minds will prevail, Laurie Self, Vice President and Counsel for Government Affairs at Qualcomm, said.

“For the IP system to continue, startups to become companies like Qualcomm and WARF to continue its great research, a strong patent system is absolutely key,” Self said.