Some of the steps that startups should embrace to protect their intellectual property:
- Startups should get their ideas/solutions patented with PTO so that other cannot use that invention. As patents are country-specific, first you should apply in domestic market and then, with strategy, in international market.
- Time should be taken to develop intellectual property and educate yourself with the basics of it property including trademarks, designs, patents, and trade secrets.
- Minimize the cost and work by outsourcing patent-related task to attorney who specializes in intellectual property and will assist in filing patent application in single/multiple jurisdictions.
- You should identify infringers and earn through licensing.
- You should draft non disclosure agreement while revealing it to other.
- Ensure all agreements are in place to avoid leak/breaches of information.
- You should apply for international patent if you have competitors abroad.
- Conduct a Freedom-to-operate (FTO) search in order to launch a particular product and service in other country.
- You should perform patent search to perform to invalidate the patent in the marketplace.
- The company should conduct landscape search in order to locate potential competitors and their activities. They are crucial to determine technological advancements for In-licensing and Out-licensing in the respective filed of technology.
- Think about the future and devise patent strategy in line with business goals and the need to be legally protected.
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