IP Rights first, then Intellectual Property Insurance
Story of an Entrepreneur:
Find a gap in the market, whether a service or a product
Head-down you go for it!
The problem with a gap in the market is how do you know you are the first to spot it and exploit it? If you’re not, expect at some point, possibly after much financial investment, to be pursued for breaching what is someone else’s idea, brand or design. Sadly, far too many ignore the gap between delivering the product and service to the market and meeting client’s needs and watching their backs for unfair competition or infringement
For a start-up to become embroiled in an IPR legal dispute serves only to sap its energy and finances. In many cases it leads to closure.
Register Intellectual Property Rights (IPR)
Entrepreneur start-ups need to be clear about IPR. Right from the get-go when you find the perfect business or product name protect it with a trademark. This exercise alone will tell you whether you are the first to try and protect it. If you are, it will stop others using it.
Know your market
The clever start-up takes time to analyse the existing IPR ‘landscape’ of the business idea. Who, if anyone, is already in that space or close to it? Might they pursue you? “Prior search”, as IP professionals call it, is vital to avoid infringement and prepares the start-up business – down the line – for that all-important commercialisation stage of business growth. The monetisation of the service or product concept and pay-day for the entrepreneur.
What if you don’t…?
Having an idea and the energy to deliver it to market will all be in vain if, at the time of scale-up, you fail to attract investment from a business dragon because you neglected your IPR. You have a choice – you needn’t be that business.
Last but not the least don’t forget to get IP Insurance. The policy provides many benefits including providing you with the ability to enforce and defend IP infringement claims. Once considered unaffordable by start ups – IP insurance now is most used value for money insurance policy for start ups.
Intellectual Property: Intellectual Property means any patents and rights in inventions, trade marks, service marks, business or trade names (including internet domain names and email address names), rights in get up or trade dress, design rights, registered designs, utility models, copyrights (including copyrights in computer software), database rights, semi-conductor topography rights and rights in trade secrets and other confidential information.
Material for this article was derived by Cyber Data-Risk Managers from similar blog posts by Opus Underwriting on their website (www.opusunderwritting.com). Article adapted with permission from Opus Underwriting.
This article originally appeared on Cyber Data-Risk Managers Blog and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Meena Wahi.