In the first phase of intellectual property acquisition, what is the primary step taken?

The primary step taken in the first phase of intellectual property acquisition is the option. This phase often involves securing the rights to a particular intellectual property, such as a script or a concept, before moving forward with full development. An option typically grants the holder exclusive rights to purchase the property for a set period. This allows filmmakers and producers to evaluate the project, attract financing, or make necessary changes before fully committing to it.

Development, turn-around, and negotiation all follow the option phase. During development, the project is expanded and refined, while turn-around refers to getting a stalled project back on track. Negotiation involves discussions around terms and agreements pertinent to the intellectual property, which occurs after the initial option has been secured. Hence, option is the foundational step that initiates the acquisition process.