IMPORTANCE OF IPR:
Intellectual Property Rights prevent opponents, bigger establishments/ companies from stealing/ copying indications, inventions, brand names/trademarks, which in twist furnishes start-ups to broaden and make profits with exclusivity for a set period. Further, there is invariably a high probability of delivering enthusiasm to investors, clients, and other stakeholders, for start-ups who have patented their core creations and registered their brand name/ trademark; since it indicates high standards and “viability study” performed by the Start-ups.
Start-ups, due to their insufficient resources, cannot opt to avail themselves of the comprehensive IPR protection. Therefore, the start-ups, depending upon their industries and enterprise, must analyze and prioritize their Intellectual Property Rights, wherein such IP Rights play a significant role and sometimes happen to be the only accessible investments with a start-up. Failure to perform the same might create an obstacle to the smooth functioning of the enterprise particularly between the founders of the Start-up, promoters, negotiations with the existing and future investors, or while quitting the business.
It is appropriate to note that, specific categories of IPR for instance, patents have to be registered before utilizing any form of preservation as specified under the relevant legislation. However, IP Rights such as Trademark and copyright do not impose a mandatory registration about their claim and preservation. A registered IP Right constantly has a benefit as they can showcase the usage of such IPR and delivers a tremendous value and weightage, as the pertinent legislation facilitates such registered IPR possessor to effectively enforce his/her rights before the Courts, in case of any violations.
Every Start-up should develop and execute an Intellectual Property Rights Policy to regulate the IP Rights which they currently maintain and which they intend to apply/ obtain in the future. The main agenda behind such an IPR Policy is to assure that there occurs no conflict between the founders and promoters which has governed the downfall of start-ups in broad.
Every Start-up at its commencing itself should perform adequate due diligence of its IP Rights which are in existing usage and the ones it aspires to utilize in the future. For all the start-ups, such due diligence should be made necessary, so that unintentionally they do not violate other individual and/ or entities’ IP rights, directing to prosecutions or legal actions which are highly dangerous to any start-up business.
Smooth functioning without disparities is the most significant component for any start-up, which can be simplified through the satisfactory and sufficient documentation process, by enforcing certain agreements such as, non-disclosure agreements, independent contractor/s agreement, and similar agreements which would preserve the Start-up’s IP Rights.
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8 мар 2024
