There are so many elements and decisions that go into starting a business that it’s not uncommon for things to get overlooked. Unfortunately, one element that often gets overlooked is a company’s current and potential intangible assets, and that oversight can be costly. Failing to identify or even understand the value of these assets can put a business at risk of losing out on funding from investors or protecting that intellectual property. Consider getting help from an expert if you have been making any of these three common intellectual property mistakes.
- Not doing your homework before starting your business
One of the first mistakes any startup can make is to not do research on their idea to understand what similar companies or products exist, or on existing registered IP related to their own creation. Many don’t even establish any sort of IP strategy to address any issues that may arise, hoping that they never have to worry about it. Unfortunately, ignorance isn’t an excuse.
It is crucial to research existing IP to make sure your company will not infringe on someone else’s copyrights, trademarks, and patents. Thorough research will also allow you to understand what ideas are legally yours and therefore able to be protected. Clearly defining what your company owns and what belongs to another person or entity will help you accurately assess the value of your business venture. (more…)