IP STRATEGY FOR START UPS
PUBLISHED BY MS. HARINDER NARVAN, MS. APARNA JAIN AND MS. AASHRIKA AHUJA AS ON 22.01.2024
A start up is a private limited company, registered partnership firm or a limited liability partnership incorporated and recognised by DPIIT. The benefit can be availed for 10 years or when the entity is having an annual turnover exceeding Rs 100 crore ; working towards development or improvement of a product, or a service having a high potential for creation of wealth and employment. Basically, innovative idea is the driving force behind success of any startup. The purpose of intellectual property laws is to protect those ideas and concepts which are a major part of your competitive advantage. Intellectual property is most definitely an important asset for your company that can enhance commercial value of your company. Along with having a business plan, every start up should have an intellectual property (IP) strategy. Developing an IP strategy is not a one-time event. An IP strategy will evolve with a company’s business goals and should be reviewed regularly. An Intellectual Property strategy is a company’s plan of action to manage and protect its intangible assets. Knowledgentia Consultants is a top corporate law firms in India providing handholding, mentoring and all kinds of legal, commercialisation and IP support for startups in India.
Every start up is unique and so has unique set of challenges that necessitates a tailored IP strategy. Below are few points that law down common principles governing IP strategy for start ups but depending on case by case basis these can be tailored as per specific sector and challenges of a start up:-
- COMMERCIAL APPLICATION OF IDEA
The first important step is the ideation process is to check on the commercial viability of the idea in the long run. IP Audits at this stage are required to narrow down the processes and procedures covering different kinds of IPR. NDA’s, protecting trade secrets and third party agreements to secure ones interests become an important aspect at this stage. Identifying potential partners for collaboration and commercialization, likelihood of infringement all these factors are to be considered with support of professionals in a timely manner.
- DEVELOPMENT OF PRODUCT/SERVICE
At this stage, potential competing IP rights or IP technologies need to be identified. Regular IP and technology searches with the help of trained IP professionals can support in determining likelihood of IP protection for incremental innovations or improvements.
- IP PROTECTION STRATEGY
At this stage, it is identified what all IP can be protected and if action is being taken to protect the same. At this stage, it must also be clearly determining whether IP searches are being conducted before proceeding with the process of filing. It is further considered if the business has process or procedures in place for developing a strategy to further develop IP after taking into account market, cost, timing considerations. Monitoring inventorship, ownership and authorship is an important action as well. Proper professional advice to protect non registerable IP such as goodwill, know how and trade secret is must.
- COMMERCIALISATION OF IP
At this stage, it must be considered whether there are processes and procedures in place for IP valuation. Whether freedom to operate has been conducted to determine potential of infringement on third party rights. Monitoring competitor activities, potential commercialization partners or enforcement of IP rights are important considerations at this stage. Periodic review of IP assets, budget, competitive landscape, audit, training for employees are few considerations that must be taken up seriously and in a timely manner with professionals.
CHOOSE KNOWLEDGENTIA TO DEVELOP EFFECTIVE IP PROTECTION SRATEGY FOR YOUR STARTUP
- Founding Partners of the firm are registered start-up facilitators with the Government of India, acting as a conduit and supporting prospective ventures with their expert advice . As our commitment towards promoting economic growth by driving the importance of innovation and awareness about protecting one’s intellectual property, we conduct sessions , webinars and conferences to enable many start ups, entrepreneurs, SME’s and corporates to harness their potential by capitalizing their IP thus driving their country’s economy through their own potential. We provide valuable legal advice by volunteering our time and expertise to support start ups who come from varied sectors. As a part of our probono consulting endeavour, we engage with start ups to understand the correct legal and IP related requirements.
- We provide detailed advice and handhold start ups , mentoring them to asses and identify the IP that needs to be protected.
- We support with filing, registration and maintaining IP portfolio for many start ups for effective and smooth carrying out of their business venture.
- Apart from providing above services we also facilitate technology transfer and commercialization for start ups to take their products and services to the market and industry, thereby benefiting the society at large
Knowledgentia Consultants which is one of the best IPR law firms in Delhi not only adapts to the changing legal scenario but also makes the transition for clients easy and accessible. We are your one-stop solution for all kinds of legal, compliance and supplemental matters concerning your start up. In case of any query regarding this matter you may email us at email@example.com or visit our website -https://knowledgentia.com/.