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Have a Start-up? Why You Need To Protect Your Intellectual Property
Trademarkclick .com 28 Apr 2017

Have a Start-up? Why You Need To Protect Your Intellectual Property

Now that you have finally decided to take the plunge and go forward with your million dollar idea, the next step that you need to take is to protect your Intellectual Property. Intellectual Property (IP) is intangible and refers to the creations of the mind; such as inventions; literary and artistic work; designs; names; symbols and images, which can be used commercially by the owner of the asset for a certain period of time. So how do you protect your Intellectual Property? You can protect your unique creations and ideas for your start-up by registering trademarks, patents or copyright.

In today’s dynamic world of rapid globalisation, possession of Intellectual Property is a major aspect for the growth of any business organisation, especially a start-up. With the expansion of the start-up culture, there has also been a boom in the number of small and medium-sized enterprises. In such a competitive scenario, protection of intellectual property has gained importance like never before.

It is a fact that funds crunch is a major issue for start-ups, due to which most of them do not register for trademarks, patents or copyright. This may seem to save some costs initially, but can harm the start-up tremendously in the long run.Protection of Intellectual Property is thus a necessity rather than a luxury. So, the only way of putting your best foot forward is bystarting with protection of your ideas at the earliest and availing the benefits that come along:

  • Protection of your Idea: Protection ofIntellectual Property by registering a trademark, patent or copyright will provide you with the right to commercially capitalize on it, while safeguarding infringement of your ideas by others. Protection of ideas is of greater importance if your start-up is based around an idea which is revolutionary or provides technological invention.
  • Reduce Competition: With new start-ups mushrooming all over the world, the best that you can do to stay ahead of the crowd is by registering for the protection of your Intellectual Property. Thiswill set you apart from the rest and can provide your start-up with a competitive advantage to venture into that particular field.
  • Attract Funding and Partnerships: Start-ups generally face the issues of shortage of manpower and resources. Possession of protected intellectual Property can be used as a strategic business tool by your start-up to enhance your competitiveness in the industry. A genuine idea has no dearth of takers and has the capacity to attract investors.
  • Improve the Valuation of Your Start-up: Start-ups need continuous growth and innovative developments to survive. This can only take place if your ideas and innovations are unique in such a way that people identify your products or services through your trademark. The valuation of your start-up will rise once you protect your ideas and creations by setting your start-up uniquely apart from the rest.
  • Long-term Sustainable Benefits: Protection of Intellectual Property is not simply relevant to your start-up’s individual work, but is also used to verify the genuineness of the idea. You should thus register for protection of your Intellectual Property right at the onset of your business to reap long-term benefits and nullify the chances of allegations of infringements at a later stage.
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