April 16, 2021
The importance of Intellectual Property for start-ups
Intellectual property is essential and unavoidable. A vital weapon in the reinforcement and defense of an organisation, from illegal invasions.Intellectual property refers to a wide range of intangible properties (creations, products, designs) that a corporation owns and legally protects, to prevent stealing or copying. Every entrepreneur should be well aware of the benefits of IP; start-ups are no exception.The process of creating a start-up is slow and difficult, with many obstacles and roadblocks along the way. Being well-prepared ahead of time to minimise potential risks doesn’t always do the trick. All start-ups are a risky venture that can entail a slew of unexpected challenges. Before embarking on this bumpy road, every entrepreneur should think about the following:
Fundraising, assembling a dedicated team, and still seeking business opportunities can be an overwhelming, draining, and time-consuming process, with many subtleties going unnoticed due to a heavy workload.Plan your IP StrategyIntellectual Property problems are often overlooked, which really is a major oversight. This section, however, is critical and requires special attention.You must first determine your IP strategy. It’s crucial for a startup to ensure that it owns its intellectual property. This awareness can help protect your startup and your products from future rivals; it can also help you avoid being sued for patent infringement by competitors and other third parties, and it can give you a legally sanctioned monopoly.Any start-up founder must decide if IP rights must be officially licenced (trademarks for brand names and logos, patents for inventions) or whether they can occur automatically (copyright in artistic work, etc). To be able to prioritise which IP needs to be covered, you need a clear understanding. This will assist you in devising a strategy for limiting your expenditures.Intellectual Property TypesIntellectual property can take many forms:
- Work on assembling a core group of dedicated professionals that can add value
- Test the waters, research the industry, and start from the ground up
- Attract investors, communicate with venture capitalists
- Develop the design for a product or a product concept
- Work on a sales funnel and marketing initiatives.
PatentsLet’s look at patents in more detail. Patents are, in general, quite costly, extremely difficult to obtain, and the process is lengthy. The good news is that they provide a genuinely comprehensive level of protection.Intellectual Property patents grant exclusive rights to produce, use, and sell the invention, effectively eliminating future rivals from the competition. They can also be advantageous to a company and even lead to its growth and development. Not everybody realises that the main patent can also assist in attracting investors and generating revenue by licencing. A great little hack.TrademarksTrademarks are used to guide you through the world of branding and brand awareness, as well as to establish and maintain goodwill in the market. Trademark rights, unlike patents, are only obtained by use.It can help a start-up’s brand awareness as it grows, expands, and matures. Trademarks have an inexhaustible capacity to aid a company’s growth and progress.CopyrightCopyright is a type of intellectual property that protects the expression of ideas.The drawback is that copyright only protects the expression of ideas, not the principle or ideas that underpin them. Copyright registration, like trademark registration, is optional.The intellectual property environment is vast, providing you with a plethora of options.The intellectual property of a client is protected at Magora. We are adamant that a client should have complete control over how he or she builds their company.What about you? Your approach? Share your ideas with us.Anything on your mind? Get in touch!