When you are starting your own business, it can feel like there is a never-ending list of things to do and think about.
One task you do not want to put off is considering your intellectual property (IP).
This could take the form of any actions you must take to protect your own or ensure you are not breaching another party’s IP rights.
It really is vital that start-ups consider their position regarding intellectual property as any owner will have worked incredibly hard to get where they are, which could include developing concepts, logos and designs from scratch, so you need to do all you can to protect it.
So, what should start-ups be considering when approaching intellectual property? Here we explain why IP considerations should not be left to chance when setting up a new business:
What are the different kinds of IP?
Essentially, intellectual property is what defines a business and sets it apart from others, which gives value to the business.
Intellectual property can fall into four categories, namely trademarks, copyright, designs and patents.
When starting out your IP journey, get to grips with the jargon, such as:
Trademarks: Protect things that help identify the source of a product, such as names, logos and even colours.
Design: Mainly protects things concerning the appearance of a product.
Patents: Protects how a product is made.
Copyright: Protects creative rights, such as website content.
Why do start-ups need IP protection?
You may think it is better to wait until a start-up is more established before looking for intellectual property protection, but there are good reasons for starting early to secure the future of the business.
By protecting your intellectual property, it helps to secure funding and investment so you can grow your business. Any good business plan should answer what is your intellectual property and what action you have taken to protect it, as potential investors will want to see this information.
By taking a proactive approach to intellectual property, you can help protect your brand reputation so you can secure your business from anyone attempting to steal your ideas. This is especially important considering the amount of time, cost and effort it takes to build a business from nothing.
Ultimately, if you don’t deal with intellectual property issues early enough, it could cause problems later down the line and lead to more costs and stress, so make sure it is on your start-up checklist.
For help with intellectual property issues, please get in touch with our expert IP legal team.