Attorneys, businesses, entrepreneurs, and professionals could use cloud-based tools such as Traklight to create and/or protect intellectual property. Regardless of whether a business makes use of high-tech innovation or proprietary information, intellectual property could be a source of competitive advantage.

Cloud-based tools can help enterprises and entrepreneurs manage intellectual property, a service that is provided by attorneys or consultants, on their own. Using self-guided tools, businesses can identify, store, and manage intellectual property assets at the fraction of a cost of traditional services.

The marketplace has many competing products and services, which could pose challenges for entrepreneurs and start-ups. Cloud-based software can help entrepreneurs with the due diligence process and avoid expensive legal hassles.

Online tools can help businesses review related intellectual property and make decisions about their products and services, for instance.

Advantages of cloud-based tools include the ability to perform searches and find all related information using a single tool, which translates to time and cost savings.

Entrepreneurs could also store intellectual property assets including innovative products and services on the cloud, which could be shared by team members.