Intellectual property is one of those areas of law that not everyone is au fait with. But, if you have a brilliant idea and a great start-up you are going to need to investigate this matter further. After all, you need to make sure that only you are profiteering from your amazing invention or product.
Sean MacEntee
It has been debated if intellectual property, or IP, is still important in the business world. With the onset of social media, there has been a debate on whether IP is still relevant. Of course, it depends on what you want to do with your product and service.
Patenting can be expensive. But, it can also ensure that your profits are your own. Patents are not the lifeblood of start-ups, like they used to be, but they are still necessary. For some, they are creating and launching a product and patenting the idea after.
You should always have a plan for success. After all, if you have a great idea and it takes off, you don’t want others crediting your work. You shouldn’t let others profiteer at your expense. Google, Apple and Microsoft are all big fans of patenting. Why wouldn’t they be? They are the master class of the tech world. They don’t want their competitors taking a slice of their lucrative pie. These companies are said to spend a whopping $18 billion on patenting per annum.
If you want to learn from the best, there are some things that a startup can do to protect their IP and ensure that their assets are not copied.
Here are our top tips.
1.Ensure that you patent all of the important aspects of your venture. Business models and the design of the product need to be patented. Take a look at patent application at London IP for more information on this.
2.Ensure that you take the time to research what IP is. You need to become au fait and well versed in this subject to ensure maximum success. Education is the key to your IP success
3.Google patent search will be your best friend. You don’t want to infringe on anyone else’s material. Google is an excellent tool to use if you want to check out patents around the globe
4.Always use a specialist agency to assist you with your patenting ideas. They will be the best people to use and will ensure that you get maximum results.
5.Shop around for the best deals. Some people believe that using a lawyer is the key to IP success. This is not true. Specialist agencies can do exactly the same thing at a fraction of the cost
6. You should strive to make sure that your patents are not your only asset. After all, you don’t want to patent work that cannot be used anyway.
7. Invest in Non-disclosure agreements, or an NDA. This means that anyone within your midst cannot use your intellectual property in a way that you do not deem fit. Protecting your assets means protecting yourself with your clients too. They will be more than happy to sign these
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