Every now and then new Startups are coming up in any time-zone or country featuring new business innovations or any new business strategy or ideas blowing up the market and featuring headlines . Intellectual Property Law defines its confinement to safeguard these types of business ideas or concepts that does have intangible existence without any physical boundaries and protect any Startup with its innovations and lets it stand out from its competitors.
There are mainly four types of Intellectual Property Protections –
- Trade Secrets
Patents restricts a new invention in the market to be sold or used by someone else other than the inventor himself. It must be a new business idea , concept or strategy oblivious to the knowledge of any average human mind. Trademark, in other words, can be described as an anti-oxidising agent that prevents your brand name or identity to be protected and not rusted by somebody else. Copyrights rather protects the existence of ideas, not the ideas and not let them use by anybody else without your permission. Copyrights generally do not needs to be registered because any creation is yours within the moment you create it. But to resolve disputes in cases of copyrights infringement , you need to register. Trade-secrets are information which is crucial to the existence of the whole business and if the management lacks to protect it and the secret is out, then your whole business may face huge challenges. Trade Secrets sets you apart from your competitors and gives you an additional edge. But its security is totally your responsibility.
Ignoring Intellectual Property Rights within your venture can harm the business operations in the long run. Trademark is the face of your business. It is the identity through which customers identify your product or service and goodwill is thus built. Therefore, you need to protect it. Your invention may change the whole scenario of the world today and therefore it needs to be protected by patent from other companies copying your innovation.You need to maintain copyrights and always see that you credit other creations and see your creations, be it books, images or any other product are protected and registered so that in future if any disputes arise, you can protect your creation and sue for the loss. Moreover, trade secrets are the most endangering one and therefore while employing your team, you need to make proper employment contracts so that they cannot disclose your company secret information and your startup is always at an edge.
In this regard, we see the definition of Intellectual Rights and the protection that can be achieved by any business and its importance for a business to protect it to strive in long run.