5 Useful Intellectual Property Protection Tips For Startups
Why Do Businesses Need Intellectual Property protection? The intangible assets of an enterprise are as valuable as tangible properties if not more. Businesses like Information Technology firms are based on intellectual property like software or technological innovation. Even traditional businesses possess valuable IP assets like brand names and slogans. Protecting these valuable properties ensures a secure future for the business and safeguards their financial investments. Here are some useful tips for startups to secure their intellectual property assets.
Know About IP Instruments ● Copyrights are used to protect original creations like paintings, books, musical works, etc. ● Patents help in securing the ownership rights over inventions and unique creations. ● Trademarks secure branding elements like brand names, logos, etc.
Identify All Your IP Assets ● Identify all assets like unique products and trademarks. ● Even product manuals and guides must be protected through copyrights. ● Protect your assets in different jurisdictions and know about their validity periods.
Use IP Rights To Improve Startup Valuation ● Secure IP rights over your assets as quickly as possible. ● Use your legal ownership to enhance the valuation of your startup. ● An extensive IP portfolio can have a great impact on your business’ valuation.
Exercise Your Rights ● Keep track of infringements of your IP assets. ● Invoke IP protection laws to sue the erring party for damages. ● Hire IP lawyers to know how to exercise your rights in the best possible way.
Define A Budget For IP Protection ● Earmark a budget for protecting your assets. ● Calculate the costs of hiring Intellectual Property lawyers or firms. ● Make sure you function within the budget to keep your startup profitable.
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