The number of startup, in every corner of the world, is increasing every second. This competition makes sure that each firm establishes unique image in the minds of the consumer, to be in the market. While the new-age ventures focus on growth and profitability, there is also a need to protect the intellectual property assets owned by the entity. With rising competition, organizations are developing innovative strategies to develop more business and attract investments from numerous venture capitalists and private equity firms. A well defined intellectual property strategy should be in place to protect the intellectual property from potential infringers in the marketplace.
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.
It is a summarization of an article written by Amit Aggarwal. For more information, visit https://www.entrepreneur.com/article/252236