There is no question that we are currently in the ‘Golden Age’ of entrepreneurship. Where individuals are venturing out and creating their own businesses, combining old ideas with new and innovative ones.
In the early stages of a start-up, one of its most important assets is its ideas[1]. In order to attach value to the start-up, it is critical that these ideas are protected from being copied or stolen by competitors. This is why prioritising your IP as a start-up is important. One of the main reasons why a start-up should think seriously about protecting its IP is because attaining IP rights over a product or service to the exclusion of others is well recognized in having the effect of increasing the credibility of the business therefore, attracting much needed investments.[2][HI1] It is the intellectual assets of a start-up that will differentiate it and create a competitive advantage over others, and go on to increase its revenue.
Failure to identify and protect one’s intellectual property as a start-up can lead to the failure of the business. This often happens when more established businesses see the potential and easily take the essence of what is special about it– the ideas.[3]
In what ways can a start-up protect it’s IP?
- Trade Marks
A trade mark is the use of a mark as a badge or origin to indicate a connection between the goods or services and the proprietor. Registering the business’s brand as a trade mark is one cost efficient way that a start-up can protect it’s intellectual property. Registering the business’s unique brand prevents competitors from poaching customers using deceptively similar names or logos.
- Patents
A patent is an exclusive right granted for an invention, which is a product or a process that provides or offers a new technical solution to a problem. The patent owner has the exclusive right to prevent or stop others from commercially exploiting the patented invention. Patent protection means that the invention cannot be commercially made, used, distributed, imported or sold by others without the patent owner’s consent.
- Industrial Designs
An industrial design is the aspect of a useful article which is ornamental or aesthetic. It may consist of two or three dimensional features, such as patterns, lines, or shapes of articles. For example watches, furniture, electrical appliances and architectural structures just to name a few.
- Copyright
Copyright arises by operation of law and it not only protects literary works, it also protects music and even computer software codes. Registering a copyright with the local intellectual property office provides advantage to the business over potential lawsuits.
A start-ups most prized asset is its creation/invention/ which the business is built on. Without that intellectual property asset, there is no business to talk about. It is our advice that entrepreneurs value their creations and protect same from the unscrupulous and unforgiving vultures out there!
[1] Ideas per se are not protected by IP,it is the expression of those ideas that you obtain legal rights over
[2] https://www.mondaq.com/india/trademark/740260/why-is-it-important-for-startups-to-protect-their-innovative-assets-through-patents-copyrights-trademarks.
[3] https://www.entrepreneur.com/article/321714.
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