Why Startups Need to Prioritize Their IP Rights

Intellectual property (IP) refers to any idea, creation, or work produced by the human intellect. This includes using copyrights, trademarks, and patents as a form of protection or security over any of your works. Intellectual properties need protection because unlike the usual, tangible business assets, IPs appear more intangible, which means these come in forms of ideas, inventions, designs, softwares, and a lot more. Today, businesses consider intellectual properties as one of the company’s most significant assets primarily because it’s all based on the hard work of its employees, and it’s what can identify you or your brand and separate it from the rest of your competitors.

Nowadays, with all the latest tech advancements, anyone can just grab or steal your intellectual property. If you fail to file for protection over these business assets, chances are, you’re losing on a lot of possible opportunities as you single handedly give out all your hard work in public or towards your competition. With that, it’s vital that you safeguard all your IPs before it’s too late. Or better yet, consult with experienced legal officials in charge of IP protection, like copyright, trademark, or patent attorneys from the Philippines.

As a startup, it’s one of the most crucial things to look after your business assets as it can make or break your success. To help you out, here are a few reasons why startups need to prioritize IP rights.

Protection:

Well, basically, you need to prioritize your IP rights for protection. According to experienced business people, safeguarding your intellectual properties in the beginning phases of the business is so much easier as compared to those ideas or works that have already become successful over time. As a startup, it’s important that you prioritize your business’ IP rights because this can legally check your competition and prevent other companies or brands from profiting off of your original creation.

Prohibition of Other Companies and Individuals:

Registering your IP rights for protection prohibits other companies and individuals from [unfairly] profiting off of your original work. This only means that formally filing for protection over your works put everyone on notice that your logos, brand names, patent, software, and any other work all belong to you. On top of that, you can take credit in forms of payment, since users first have to license your property and pay you before [legally] using or borrowing it for whatever purpose it may serve them.

Presumption of Ownership

Upon registering your IPs for protection, you automatically receive legal rights or ownership over any of your copyrighted, trademarked, or patent works. This protection only signifies that the intangible (your ideas or any other creation) is made tangible through legal matters, papers, or documents. As a result, companies or individuals who claim to own what’s rightfully yours can be sued unless they prove otherwise. Prioritizing your IP rights give you greater advantage in infringement lawsuits.

Investor Appeal:

Not protecting your intellectual properties can significantly put your business at risk. Most of the time, thriving businesses and investors tend to go for companies with well-developed IP techniques and strategies from the beginning of the business up to the present time. This is because IP protection promotes a company’s stability and security in the industry of business. Investors are smart and strategic, so they wouldn’t think of investing in businesses that have weak and unprioritized IP rights.

Guarantees Your Competitive Advantage:

According to research, one of the most vital steps in gaining competitive advantage is prioritizing and managing your intellectual property, especially for tech companies. This is because one IP right registered idea cannot simply co-exist with the exact same unregistered idea. As a result, companies who get first dibs on registering IP rights gain more competitive advantage, profit, and improve business processes in the long run.

Wrapping Up:

Startup business may be all over the market, but they keep running on to the same old dilemma concerning IPs. Who owns the IP? Who registered for IP right protection first? As a startup company, you have to press on and defy all odds to succeed in the business. Since competition will always be there, especially for new, startup companies, it’s better to ensure enough competitive advantages. Starting off with prioritizing your IP rights and registering these for protection. After all, according to research, startup businesses that prioritize IP rights from the very beginning tend to stay on the path towards achieving business goals and succeeding in the industry.

Most of the time, thriving businesses and investors with application monitoring tend to go for companies with well-developed IP techniques and strategies from the beginning of the business up to the present time.