Starting a Business? What You Need to Know About IP

Are you interested in starting a business? Remember that you are no longer in the Middle Ages. Capitalism and industrialism had their infancy centuries ago, so whatever product or service you want to offer, it is likely that someone has offered it before while others are still offering it now.

It is also likely you will be using the same processes and instruments others are, which brings us to the topic of IPR.

What is IPR?

IPR stands for Intellectual Property Rights. Intellectual Property refers to any creation of the mind like inventions, literary pieces and artistic works, designs and symbols, and even names and images that are being used in commerce. The scope of IP has also been expanded to refer to a process by which something is made and the tools used to manufacture that item.

The Rights part refers to the legal ambits that protect those inventions, literature, symbols, images and traditional knowledge from being used by others. These can come in the form of patents, registered designs, copyrights and registered trademarks.

Why is knowledge of IPR essential for those who want to venture into businesses? To keep it simple, you have to know if you are encroaching on another company’s property, or how they conduct their business so that you can avoid troublesome lawsuits. Also, it is a vital tool for businesses to survive in the 21st century.

You might not think much about this now, and for good reason too. Copyright or patent owners will not usually go after you until after your business becomes famous or hugely successful.

What you need to know about IPR when starting a business

Be familiar with the processes/procedures you will be using

In your outline of how you provide your product or service, you will have tackled how that product will be manufactured or that service is performed and with what tools. Make sure you are not infringing on the patents of owners who already have exclusive rights to certain products and certain processes.

Just to name a few of the more interesting patents out there (that you won’t likely be using for your business), Boeing has exclusive rights to certain methods of remotely controlling a vehicle, while Facebook has exclusive right to the presence of a newsfeed on a website.

Know what tools you will be using

Tools do not refer just to those used in manufacturing your product or in the performance of your service. They now refer to the software you use to run your business. Many companies have gotten into trouble just because they used pirated software.

If software and other tools become a financial issue, give the open-source software a try. There are now many open-source versions or alternatives to the tools many of us have become familiar with.

IP Monetization in the 21st Century

Timing is of the essence in many processes of the 21st century. Likewise, IP due diligence and marketing are time sensitive efforts. Proactiveness on the due diligence process will upshot higher returns on asset-based investments.

Consequently, a prudent managerial system will highlight major obstacles to overcome in the nearest future for example — the inefficiency of IP valuation assessment tools and how the organisation gather and implement traditional knowledge.

IP valuation can frequently be a defining factor in the establishment of an exponential business or the transition of bankruptcy to a restructured business. A significant amount of value can be lost if the monetization and disposition process cannot proceed smoothly to leverage intangibles created in a 21st-century business environment.

Having an in-house IP consultant helps

When in doubt of how your business can utilise IP philosophy, business owners should contract the services of an IP professional. They should be familiar with the field of business you want to get into and the processes it involves. An IP practitioner can also help you find out if a product you want to market or the process, service and tool you want to use is exclusive. He or she can also guide and help you arrange for legal use of the IPR.