What about the IPRs? Is it patentable?

I'd strongly recommend investigating this asap. You can conduct preliminary research on this at USPTO site (I'm assuming you're in the US):

http://search.usa.gov/search?affiliate=web-sdmg-uspto.gov...

If possible, consult a (reputed) patent attorney. A patent will not only deter competition but also add (significantly) to the valuation in any possible buy-out deal.

Since it is this useful, if you can't patent it, think about how long it will take for competition to enter the market and then devise the future course of action accordingly. In case patenting is not an option, I'd suggest ramping up your marketing (very) quickly to grab market share fast while you still have the first mover advantage.

HTH