When establishing a startup, make sure your IP is on solid ground
When you're in the process of starting a new business, you're sure to encounter a lot of stress and endure many sleepless nights. You've got a lot of aspects to attend to – developing your idea for a product, finding startup cash and budgeting it, and hiring people to help you build, market and sell.
With a startup, there's the significant matter of figuring out where you stand with respect to intellectual property rights.
On top of all of this, there's also the significant matter of figuring out where you stand with respect to intellectual property rights. Is your product solely your IP, or are there other companies in your industry that might dispute your right to sell what you sell? Figuring this out is a crucial part of getting a business off the ground successfully. A messy legal dispute could finish your company before it even starts.
Is your product really yours?
It's one of the more overlooked aspects of launching a business, but it's crucial nonetheless – if you want to be successful, you have to be on solid ground with intellectual property law in Australia. According to Mondaq, there are many examples of what not to do. For one, a technology startup founded by former employees of IPC Global ran into legal trouble when they were caught copying 800 lines of code from their old company's product.
IPC sued the startup, and a judge found the copying to be substantial, furthermore ruling that the ex-employees had "breached their duty of confidence" in taking the code. The startup was in turmoil before it even got off the ground.
Starting off on the right foot
If you're getting ready to launch a startup, you want to make sure you're within your rights. The easiest way to do this is to look into the rules for patent registration in Australia. If you apply for a patent early, you'll have legally binding proof that your business is viable.
TechCrunch recommends filing for a patent early on in the process of launching a business. Then, as your organisation grows and your product improves in the future, you can refile and update your IP protections. You always want to have total control over your product.
Get legal experts to weigh in
Especially for a new business that's just getting off the ground, there's nothing more important than your intellectual property. Your IP protection is more than just paperwork – it's proof that you have a product you can sell, and thus rake in the profits.
With this in mind, it's absolutely worth investing in IP services in Sydney from experts who know all the angles. With Alder IP, you can get access to a full-service law practice that will help you manage what's yours today and plan for the future as well.