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IP Rights first, then Intellectual Property Insurance

Cyber Data Risk Ma...

Dec 03, 2021
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Story of an Entrepreneur:

Find a gap in the market, whether a service or a product

Head-down you go for it!

Then what…!

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.

IP Insurance

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.

Definitions:

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.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

Details Get Quote

Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Details Get Quote

Business Package

Purchase up to six products under one Business Insurance Package.

Details Get a quote!

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.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Meena Wahi, Cyber Data Risk Managers, ABN 34 161 961 422

This article originally appeared on Cyber Data-Risk Managers Blog and has been published here with permission.