Intellectual Property issues faced by Startups!
A startup gains success through a perfect amalgamation of an excellent idea implemented through careful and logical planning. Startups involve a great amount of risk and in order to come out with flying colors it is important to plan and structure the idea in a technically and legally sound manner.
Startups involve various legal obligations to be met ranging from customization of legal documents to meeting tax demands. One of the most important legal obligations on these businesses is to protect their intellectual property rights which most of them tend to ignore.
If one has developed an innovative and unique product, service or technology then it is very important to observe the steps to protect the intellectual property one has developed. Some of the common protective measures that a startup can undertake include-:
- Patents- the inventor of a new product should get its patent registered in order to prevent others from making or selling the same product in their own name.
- Copyrights- copyright protects original works of an author such as art, advertising copy, books, articles, music, movies, software, etc. A copyright ownership gives the exclusive right of the work to its owner and also gives the authority to produce derivatives.
- Trademark- A trademark right protects the symbolic value of a word, name, symbol, or device and prevents others from using the same as the word, symbol, etc distinguishes the trademark owner’s products from other products. Some well-known trademarks include the Coca-Cola trademark, the American Express trademark, the Dabur trademark, etc. Registration of a trademark is not necessary but it adds certain benefits.
- Trade Secrets- Trade secret rights allow the owner of the trade to take an action against a person who leaks important business information to a third party.
- Confidentiality agreements- confidentiality or non disclosure agreements prevent the holder of the confidential information to disclose the same to a third party.
With rampant competition, it is important for the startup businesses to take these IP obligations seriously. It is advisable to take proper legal aid protect your business and idea. But, we all are aware of the difficulty faced by the majority in finding a startup IPR expert lawyer and the added legal complications! To assist a startup through legal procedures, MyAdvo provides an expansive platform to find the right lawyer to suit customised legal needs. With MyAdvo, a startup can be assured to find the perfect lawyer in any city at best prices to assist in any issue related to IPR!