[dilipray]

VCs Generally have tons of ideas. They invest on the founders and your background in solving a problem.

If you are focused and domain knowledge on what you are working on, to solve a real world problem. They will be dying to invest in you.

If you are not the right person to solve that problem, and your idea/product is amazing. You should be make an IP and find for experts who can help you with that.

It also depends on what you are building. If you are BT you should definitely patent it.

But if it's not complex you don't need any kind of IP.