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Should I protect my IP before I try to build my product?

The following is from Ask The VC, where Brad Feld and Jason Mendelson of Foundry Group answer questions related to venture capital investment and startups:

Q: I’ve got a software startup that has a novel approach to solving a market problem. However, the solution stems from the nature of the process, not from the code per se. In terms of trying to finance the venture, would this necessitate getting enough funding to be first to market and just try to grab validation/market share before the copycats (especially those with deeper pockets) come around, or is there actually IP that can be protected within the design of the process?

Full Story: http://www.thedeal.com/techconfidential/vc-ratings/vc-ratings/should-i-protect-my-ip-before.php

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