3. Manage your startup’s intellectual property (“IP”)
IP rights are the legally recognized exclusive rights to creations of the mind. Under IP law, IP owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works (copyrights); discoveries and inventions (patents); and words, phrases, symbols, and designs (trademarks). You also want to protect any secret information you may have which may give your company a competitive or economic advantage over others (trade secrets). One of the most important things to consider when creating a startup is the name your business.
"One of the most important things to consider when creating a startup is the name your business."
You need to be aware of others’ IP rights to ensure, for example, your proposed trademark use of a brand name and/or logo do not infringe another party’s rights. Also, be mindful IP is a business asset which may have significant commercial value. Consider, for example, Google’s trademark is valued at several billion
dollars. IP law can be a complex area, and it is recommended you retain IP legal counsel to help you navigate these areas and to ensure that you are taking all the necessary steps to best manage your IP asset and simultaneously not infringe others.