Your Business’ Real Value: Intellectual Property
Many successful businesses in the “Startup Nation” are rooted in a phenomenal idea, robust product creation, accurate scaling, and, eventually, in the exit of its founders, who receive large financial compensation for their hard work.
Imagine how frustrating it would be if that financial backer decided to pull out at the last minute because they discovered the majority of your business's value was not in your control or ownership. This can be your reality if you don't make efforts to protect and maintain your Intellectual Property Rights at the start of their business. You must always actively guard your Intellectual Property ("IP") throughout the life of your venture.
You may be aware there are many different types of relevant IP for protecting your business. For tech start-ups these will likely include:
Patents: This is a state recognition of the originator's right over a new invention to determine how it is used and enables the owner to earn a profit by allowing others to use their idea in return for payment. Patents also prevents competitors from using the originator's ideas for their own profit, without formalized permission.
Trademarks: These can include the logos, emblems, and any unique marks which you use to distinguish your high-quality products from those of other producers or competitors which without proper registration could be imitated to the detriment of your business’ good reputation.
Trade Secrets: The protection against encroachment on your unique way of production or management that gives your customers that first-rate product that only you can supply them.
However, Intellectual Property Rights aren’t solely for the Hi-Tech world. If your business focuses on the production and circulation of information, you should invest interest in protecting your:
Copyright: The right of the authors and originators of artistic works to control how that information is used, circulated, or commercialized.
Aviv Lazar&Co is distinctly aware of the need for all businesses to be presented with legal IP Solutions and consultancy advice tailored to the specific nature and set-up of their unique business. If you have any questions in this field, please contact us without delay.