With so many moving parts in a startup, details are easily overlooked, and they can be devastating to a new venture. If you’re already on the path to building the next big thing, the best time to work out your intellectual property strategy is yesterday. The second best time is now. Here are some tips to protect your IP:
Don’t put IP on the back burner
You have a fantastic idea for a new business, have already designed a new logo, ordered some business cards and thrown up a website…and potentially cost yourself far more in both money and pain & suffering than was necessary.
Intellectual Property should always be at the top of the list when starting any new venture. The moment you put your brand on the internet, you are exposed globally. The decision you have to make is whether or not you will protect and market your brand internationally, and take the appropriate steps to secure your intellectual property in the jurisdictions in which you intend to operate.
If you're running a lean startup, and have time to attend to it yourself, you can conduct your own initial searches for company names, domain names, social media accounts, and the relevant intellectual property protections, and then obtain legal advice for more comprehensive IP database searches and registration. If, however, you’re busy focusing on the big picture, seeking advice at the outset and building a comprehensive IP plan with your attorneys can give you peace of mind, allowing you to get to work.
Tread carefully if creating the next big thing while employed by someone else
Great ideas often arise from the desire to create solutions to problems we may encounter in our daily lives. Given that we spend somewhere in the region of 1/3 of our adult lives working, it is only natural that some of those bright sparks may occur at your day job. Problems arise when that stroke of brilliance is in any way tied to your employment. You may not own the rights to it, particularly if it was created during the course of your day job, is tied to your occupation or area of specialisation, or the expertise for which you are employed. Some sectors and employers such as research and tech institutions are much more vigilant about this than others.
You should always read through your contracts and agreements with your employer before proceeding to be clear that you are not violating their terms, and opening yourself up to potential litigation later on.
Teams work well together when everyone is clear about their roles and rights
Building a business requires a great number of skills and, often, a number of people. Business partners, collaborators, contractors, and volunteers can all play a role in helping your startup get off the ground. They can also end up owning your intellectual property and a substantial stake in your business. This scenario is far too common, and easily overlooked.
Ensure your paperwork is solid, agreements are drafted and signed, and company policy clear from the outset. The extra diligence now will prevent costly disputes in the future.
Professional advice is costly, but necessary
Launching a startup can be expensive, and legal fees aren’t cheap, but you should never attempt to cut corners when it comes to your intellectual property. As your company grows, so does the value of your IP. Small mistakes now can become exponentially more expensive and problematic in the future. Intellectual property law is a complex area of legal specialisation, and not something you should attempt to DIY. Get solid advice in the formative stages of the enterprise.
We can help you perform an analysis of your intellectual property needs, put together an IP strategy, and ensure that your rights are protected. Contact us.