Try Avoiding These Common IP Mistakes Startups Tend to Make
Startups are often cash-strapped and take steps to keep costs as low as possible. Does this approach cost them in the future? Sometimes cutting costs can mean not seeking proper legal advice from law firms in Alberta. And sometimes, they tend to do so by not having the right IP strategy. Many startups fail because of the following mistakes:
Not Protecting your Valuable Intellectual Property
Intellectual property is, in many cases, the bread and butter of a start up company. Spending capital to protect intellectual property can be beneficial for a start up despite the costs associated with it. The intellectual property of a business is considered when determining the value of a company. Protecting intellectual property should be considered by any start-up.
Not Doing Sufficient Research
Another mistake that some startups make is not doing sufficient research to prevent other people from using their intellectual property. While it is important to protect your intellectual property to prevent it from being misused by others, proper research can help prevent instances in which another's IP is infringed. This can help to prevent legal issues involving intellectual property that can be time consuming and expensive.
Having a DIY Approach to IP
The internet can be a great resource for learning about legal proceedings and the processes behind setting up a business. Technology has empowered many entrepreneurs to take back more control. Using these online guides and tips can be a great way to save your business some money. However, this approach can go terribly wrong for different areas, like IP. Consider seeking proper advice and not completely relying on a DIY approach.
Failing to Implement Appropriate Confidentiality Controls
WIPO magazine has discussed the issue of confidentiality and IP. Many startups do use some form of NDA, however not all of these documents meet the necessary requirements. A bigger issue can be a failure to implement the right kind of controls over confidential information. The WIPO article mentions an example where a technology startup may inadvertently disclose confidential information to a contract developer without a signed NDA in place.
Prevention is often better than attempting to make corrections after the fact. Proper advice can help in both prevention or in the event of an issue.