One of the biggest mistakes that entrepreneurs can make when they are first getting started is not protecting their intellectual property right from the beginning. There are many valid reasons for this: it’s not legally required, it can drive up initial costs, doing it correctly can be very complicated, and entrepreneur’s often do not foresee these issues. When we help startups build successful brands and companies, we make sure all of their intellectual property needs are met right away. Here are 5 tips that will ensure that you are setting your company up for long-term success.
1. Select and Protect your Name.
Our first step as attorneys and your first step should be a simple google search of any brand names, products, or potential trademarks you wish to create. The U.S. Patent & Trademark Office’s searchable database will help you decided on a name you wish to trademark, and the U.S. Copyright Office’s searchable public catalog will help you narrow in on potential copyrights. Then, choose your name! Great names can assist in marketing, help with conducting business, and help avoid legal obstacles. Consider choosing a name that is meaningful, easy-to-spell, easy-to-say, and has an available desired domain name.
2. Trademark and Copyright your written, original content.
This is a crucial mistake if done too late. Even though it is unexpected, brands, names, and products often get copied, and this can cost you a lot if it happens. Trademarks and copyrights should be obtained early in order to mitigate future damage. You can use the appropriate copyright and trademark symbols right away. These will signal to the public that you intend to protect the work as intellectual property.
3. If you have an innovative product, consider a patent.
If this applies to your product, consider speaking with a patent attorney. Our office can assist you with preliminary steps and a referral. One should consider the pros and cons to a provisional or non-provisional patent application. There may be other ways to protect your product if it cannot be patented.
4. If you conduct any part of your business online, make sure you have robust terms of service and a privacy policy.
These two items will be required if you conduct any part of your business online. An attorney can help you outline these in order to protect your company from what users can and cannot do online and what privacy protections you offer your users. Users will often find unanticipated ways of engaging with a product or platform.
5. Confidentiality and Non-Disclosure Agreements
Consider working with an attorney to draft confidentiality agreements for your employees and third parties that have access to information about the company. These will often be incorporated into employment agreements or service provider agreements that will lay the foundation for these types of relationships. This will help protect your sensitive information from the start.
There are other ways to protect yourself from the legal liabilities that come from running a company. Set up a consultation if you have any concerns.
