5 Essential Steps to Protect a Startup's Intellectual Property Rights
Protecting intellectual property is a key component of any successful start-up, and this article provides 5 steps for founders to treat their startup's IP as a business asset. Intellectual property (IP) is generally divided into 4 forms or types of protection: trademarks, copyrights, patents, and trade secrets, and if managed properly, can offer powerful advantages to companies and individuals. Here's a guide on how to treat your startup's intellectual property as an actual business asset and avoiding the all-too-common approach of ignoring and pretending that these assets will take care of themselves.
1. Identify Your Intellectual Property Assets
The first step in managing your intellectual property assets is to identify which ones you own. Make sure you have clear records regarding who owns which IP rights, as well as any restrictions imposed by other entities such as license agreements, joint ownership agreements, or other contracts associated with the IP.
2. Develop an IP Management Plan
Once you’ve identified your IP assets, create an IP management plan that outlines how each asset will be used and managed for maximum benefit. Develop policies for assigning tasks such as assignments of usage rights and enforcement of violations, compensation or indemnification for authorized use of the asset, fees or royalties associated with its use, strictly limit access and require non-disclosure agreement or confidentiality agreements for your company's sensitive information.
3. Ensure Proper Registration
Another important element in protecting your business’s intellectual property rights is making sure they are registered properly with the applicable governmental agencies. This helps provide legal protection against infringement on your work which can lead to significant financial losses if not addressed promptly or legally established initially. Determining the best way to protect intellectual property can be complex, especially in highly technical areas like industrial design or computer algorithms.
4. Monitor Use of Your Intellectual Property Assets
A comprehensive monitoring plan is important to ensuring the protection of your intellectual property because it allows you to track when someone is using your works without authorization or permission from yourself – such as unauthorized replicas or adaptations being posted online without appropriate licenses or permissions from partners or publishers with whom you share copyrighted material. To track uses properly requires tight security protocols from keeping proper records and using technologies like digital fingerprinting when necessary.
5. Take Action Based on Your Monitoring Results
When abnormal use of your IP assets is detected based on the monitoring plan outlined above; quick action needs to be taken immediately so that any further unauthorized use does not occur in addition to preventing costly infringements from occurring in the process. Companies typically find success by always having a legal agreement drafted beforehand but that will not yield automatic protection but may only trigger the necessity of legal action.