Importance of IP Early On
Starting a business can be daunting… from developing a business plan to preparing for your launch date, there’s countless details to consider. Intellectual Property (IP) tends to be last on the list of priorities for business owners. Not only is IP a key component to a company but it’s also the “do or die” for many. Timing is everything when it comes to IP and it can be critical for securing protection. In some instances, you may never be able to protect an asset after you’ve gone public with it, that’s why it’s important to implement IP tools before they are required.
Where to begin? The best course of action you can take is to consult with a law firm whose focus is IP law, like Wolf Greenfield. They understand the ins and outs of IP and how you can protect the various assets you have in a variety of different ways. They will also aid in preparing a course of action to going public. This includes confidentiality agreements, non-disclosures, etc.
Once you have some sort of protection, it’s a given that you implement it into your business plan. Not only is it appealing to investors and banks but it’s also appealing to licensees; if you’re interested in going that route. Your business will have a uniqueness from other competitors giving you a competitive edge.
Whether you’re looking to start a business or you’re already established, consider how you’re protected and how you plan to continue to. There’s never a good time to consider IP, it’s something that just needs to be done.
To learn more about the various types of IP or to contact an IP attorney, check out Wolf Greenfield.