Let’s understand what it contains before moving further to investigate the influence of IPR on startups.
1. Trademark
The trademark registration in India offers an exclusive branding for your business when you trademark your logo, name, or object. It is used to differentiate the services/goods from the products of the rivals. This also means that the brand is not counterfeited.
You can register for a trademark any trademark, such as a symbol, design, wordmark, logo, or hologram. All these will play a critical role in establishing the company’s brand identity.
About Rights: Once you register the mark, you have exclusive rights to use it and prevent others from using it, thereby protecting the spot. The rights may also be registered or sold in exchange for certain compensation.
Trademark Validity: Trademark validation lasts ten years from the date of registration. When renewed every 10 years, the holders of the trademark shall have the exclusive privilege. The validity of the mark is geographical, so it is only valid in India if you have registered your mark locally. If you want to leverage the power of mark in other countries, then it should be registered there.
2. Copyrights
The original piece’s creator is legally protected by copyright, which relates to the intellectual and artistic activities of the creator.
Copyright will include plays, novels, lectures, pieces of music, theatrical art, drawings/pictures or other works of art.
About Rights: The copyright grants the owner the right to sell copies of the work to the public and makes it possible to pass rights in exchange for monetary or other returns. Moreover, it is also possible to ret the rented, leased, or leased to someone in person or a different form.
Copyright Validity: This is not mandatory, but strongly recommended to enroll. The author’s enduring life and up until 60 years after his death is the copyright value. In most countries, the owner is safe.
3. Patents
Many startups are pivoting their business around a unique process of new innovation wherein protecting their invention through a patent seems only a sensible option for business protection. The idea of patenting an original invention can help simplify human life.
Condition for Patenting: The first and the foremost condition for any patent should rests on its novelty. Therefore, it is critical to ensure that an innovation is novel. Also, it is possible for companies to try patenting the industrial process by adding any non-obvious step to any existing mechanism.
Rights of Patent Holder: The patent holder will have an exclusive authority to own the patented invention along with the right to prevent others from exploiting the registered patent.
Validity: Patent lasts for 20 years and goes into the public domain by natural process just like how it happens for medicines. Also, note that the patent has a territorial right (country-specific).
Role of Intellectual Properties in Startup
Ease of Funding and Control
Funding made easy
Nothing can match the goal, ambitions and passion that a startup demonstrates along with what they have to offer. Therefore, investors look for ant thing tangible to invest in and that’s when the Intellectual Property comes to play of assessment of startup where they intent to take over the brand by pivoting energies on the portfolio of Intellectual Properties.
Take Control of your Rights
One should not consider the copying, as things work out in your favor, of another branding element like color, fonts, packaging, etc. You can sell products of cheap quality or offer services below your standards. Such things damage your brand irreversibly. IP allows you to take care of your brand name rights.
Stay Vigilant of Other Businesses’ IPR
You should be aware of the situation in and outside the IP space of your company. This awareness is designed to prevent possible IP breaches that could jeopardize your business. There are no rules of leniency, so you should always be a warning. There are instances where companies are unaware of the use of their trademark and the possibility of a lawsuit. These cases may be taken with examples from well-known brands on the security of trademarks.
Develop an IP Portfolio
Align your competencies with the IP tactic to develop a solid IP portfolio with many rewards. Consider how Google holds all patents in the domain’ counting, computing, and calculating.’ Google strategizes its creativity to blend its IP portfolio seamlessly.
Launch Business with Single IPR
When you want your business to be profitable and to have a market advantage, consider filing trademark as the timeline for trademark registration is long and you it will take some time to transit from ™ sign to using the ® sign. It is the essential IP and protects the brand from the very beginning. Whatever IP is good for your business, go ahead. You will then file a patent if you believe you have an advanced production method in place.
Since the copyright focus on artistic expressions, most creative minds coming from the media and entertainment business opt for copyright registration to safeguard their living. Therefore, it is critical to understand the type of services and products you offer to gauge the sort of intellectual property you’d want register.
Conclusion
The value of IPR, regardless of business size, cannot be underestimated. Big or low, IP is an unavoidable asset for business growth. Start defining what matters most to your brand and using IP registration as needed. As stated, investors are always pleased to have IP in place, while founders can also generate additional revenue.
