Intellectual
Property (IP) appears to be one of the most valuable
assets for almost every startup. That’s why many startups put the Intellectual
Property Protection on top of their
priorities. In addition to protecting products and services, these protections
can influence the owners’ confidence and fundraising efforts. In other words,
IP protection bestows businesses and entrepreneurs with a tremendous sense of
confidence and passion to not only succeed but also become a leader in the
relevant area.
Like other
entrepreneurs and businesses, you must also want to achieve long-term success
and secure your valuable ideas, products, or more under IP protection. Well, if
it is true, then there is a need to familiarize yourself with some significant
components of Intellectual Property Law.
Top 5 Things Startups Need to Know About IP Law
1.
Types of
Intellectual Property Rights (IPRs)
In the IP industry,
there are many types of IPRs. Each of these rights safeguards a specific
category of assets. In general, IPRs fall under four categories named as
patents, trademarks, trade secrets, and copyrights. Patents empower the
original inventor to prevent others from copying, making, or selling his
invention. Copyrights provide the exclusive rights to protect original works of
authorship such as literature, images, or software. Trademarks secure the
unique words, symbols, and designs that distinguish your brand from others.
Trade secrets come into action when you hold any special “secret” manufacturing
method that gives your startup a competitive advantage in the marketplace.
2.
Procedure to Sell
Intellectual Property
Many businesses buy
startups by considering the IP that they possess, but unfortunately, when it
comes to selling of startups, it is common to face issues revolving around the
rightful ownership of main IP assets. If this happens, you may find yourself
receiving remarkably lower valuation as compared to what you truly deserve.
Hence, if you choose to sell your startup, it is crucial to be meticulous and
always partner with an experienced IP Lawyer before signing any dotted line.
3.
Requirements to
Address IP Disagreements
Today, federal courts
of almost every nation have exclusive jurisdictions over Patent
Protection, Copyright
Infringement, and several other matters. Depending on the extent
of the infringement, startups can receive monetary compensation. Therefore, if
your IP has been stolen or used without your consent, the foremost step is to
contact the offender through a cease and desist letter. The letter must address: what
the offender is infringing upon, the protections in place, the severity of the
infringement, the remedial actions that the infringer should take, and the
legal measures to be taken if he/she fails to comply.
4.
International IP
Protections
Before expanding your
professional wings into international markets, you must get familiar with the
unique Patent, Trade Secret, and Trademark
Laws in foreign countries. Nearly every nation has
its IP laws related to how to apply for a trademark, Patent
Application Processes, Brand Name Registration, etc. For
instance, China works on ‘first-to-file’ law, which means that the Chinese
government never bothers about who created the product first; instead, it
considers who filed the Trademark
Application first. For this reason, it is imperative to
comprehend the country-specific laws at the beginning of the process, whether
you are looking for International Trademark, Copyright
Registration, or anything else. It will help you in executing and
accomplishing the IP protection without incurring an increase in cost and
complexity during the process.
5.
Legal Counsel
If you are planning to
come up with a startup, don’t forget that the market is full of several
established businesses that can interrupt your way towards success. It means
you need to proceed with robust IP protection that can ensure the smooth and
fruitful growth of your business. While looking for the protection of your
valuable IP assets, it is of paramount importance to have experienced legal
counsel on your side. An adept IP attorney will help you in many ways. It can
aid you in filing an International Trademark, Patent
Search, Application Process, and more without making any
mistake. Furthermore, a proficient IP lawyer can assist you in identifying
‘gray areas’ that could potentially attract lawsuits, government inquiries,
etc. Undoubtedly, for many startups, the cost of hiring legal representatives
is a considerable barrier. The present IP industry is available with several
programs to alleviate some of these expenses and thus, make it easy for the
startups to secure their unique invention, product, and more even with a
limited budget. So if you are also not having a sufficient budget to hire
an attorney, it will be better to choose these programs rather than being
worried.
Stay
Ahead
Are you striving to
get the precise intellectual property protections in place? Note that you are
not alone! Almost every startup, already established businesses, and even large
organizations are on the same track. For this reason, it is always recommended
to stay ahead of others by making quick decisions, which is possible if you
stay up-to-date with the trends, aspects, and requirements of the IP industry.
Remember that the delay of even a single minute in regards to your IP
protection can push you behind your competitors and in the well full of legal
issues. For
view source: https://www.kashishipr.com/blog/intellectual-property-law-5-imperative-things-startups-need-to-know/
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