Intellectual properties are one of the most valuable assets of any business. Startups especially must take appropriate steps to keep them secured. There are many things based on which a business valuation is done. The most common form of business valuation for startups is their Intellectual Property portfolio, as it speaks volumes of their confidence in doing business as IPR adds up as a valuable asset of the company. Make sure your startups have the intellectual property rights for their relevant products and services before entering the market.
This article deals with the common IPRs that a company can have, including brand registration in the form of trademark, copyright registration for creative assets, and patenting for creative assets. Many companies are often relying on their IP portfolio to achieve critical success in the market.
Trademark Registration
Trademark is a useful asset to protect the brand name, logo, signs/slogans, etc. They should include everything a customer would want to differentiate between one brand and another. Missing the registration of trademarks may prove catastrophic for a corporation. For example, businesses like Apple and Microsoft could not build a billion-dollar business if they had not applied for their well-recognized apple logo and 4-blocks windows logo. Marks are not only for identification but also very important for a company in building products and the production of properties.
Patent Registration
They secure modern, innovative and useful products/processes. For example, if a patent software company developed a unique and innovative computer program, it would apply for a patent. If they failed to do so, they would forfeit exclusive marketing/advertising rights to use it commercially. In the case of non-protection rivals, the product is available and thus, the profit margin and consumer penetration are minimized.
Copyright Registration
In startups that have companies related to creative/artistic works, copyrights are significant. The songs/films a multimedia business has to record. An author or singer who has his / her company should secure his / her work with a copyright inscription to optimize money and business out of work.
Leveraging the Intellectual Property Rights
Intellectual property is protected by statute, with national legislation and international laws governing intellectual property rights. This should help you to understand what intellectual property Rights for business is and why every startup must look to benefit out of it.
There are many reasons why the value of IP should be taken into account. In short, a startup is given by the correct application of intellectual property.
Prioritizing IP is essential
Startups cannot afford maximum security under intellectual property law. The first move for any startup is to determine and prioritize its IP rights. IP rights play a significant part, depending on the type of business involved. Failure to define or prioritize IP rights would probably cause problems for startups, particularly during negotiations or the removal of prospective investors. IP rights are often the only privilege for a company.
Intellectual Property Rights Register
It is necessary to remember that before seeking immunity under the respective laws, such IP rights such as patents and designs must be registered. On the other hand, certain IP rights such as trademark and copyright do not require a mandatory defense registration. However, a registered IP Right is of greater significance and is used by courts and regulatory authorities as proof of infringement of the IP Rights;
Ensuring IP Due Diligence
It is essential for any company not to breach any other person’s IP privileges. This guarantees the protection of unjustified conflicts or legal proceedings, which may hinder its business activities. This makes it much more necessary for startups to make wise IP decisions and properly vigilant IP rights that they are using or plan to use in the initial process.
Introducing transparent IP rights enforcement policies and strategies
For startups, it is in the long term interest to have an Intellectual Property Policy for managing various IP rights that startups will currently own, develop, or acquire. The goal of this policy is to ensure that there is no interconnected conflict between startup promoters, which until now remains one of the critical concerns about startup failure.
Other Benefits
• It can have full security against infringers with valid legal assistance. It prevents anyone from unethically using / your job, innovation, or brand.
• IP Registration maximizes startup protection by shielding it from theft. They also prevent counterfeit products from entering the market.
• An adequate IP security is exceptionally efficient to attract inventors and consumers who might be prepared to purchase your brand or even business in later stages. You will have the ability to grant or lease it to someone else and receive it until you have made a mark with your name, product or creative work.
Conclusion
Some businesses solely bank on their Intellectual Property Rights to succeed in the competitive market. That’s why it gets essential for global companies to emphasize their IP portfolio by following the Madrid Protocol. Choosing the right business structure, followed by a significant IPR, is key to running successful business operations for a longer time.
