Owners and managers of start-ups get so caught up in the setting up of their business, they often take their eye off the ball when it comes to intellectual property rights. But as many find to their cost, failing to adequately protect IP from the moment a new company is started can lead to significant financial losses.
While the majority of new companies understand the importance of intellectual property, they don’t develop an IP strategy that monitors the use of their designs, trademarks and domain names. Fortunately, lawyers specialising in IP protection are able to protect start-ups from infringements with the use of Cloud-based software such as IPzen.
Having a plan to monitor IP is one thing, but enforcing a company’s legal rights is another. In order to be ready for infringements of any kind, both the company and its legal representatives need to be ready to go with a structured, predetermined response. But before that can happen, a system of monitoring needs to be implemented, which is why a legal management system such as IPzen is essential.
How can you protect your IP rights?
All start-ups need to take out certain insurance policies that protect against the costs of fraud, theft, liability and various other negative business issues. Think of IP protection as another form of insurance. Your brand identity, designs,
patents, trademarks and domain names all have a monetary value. If you don’t protect these assets from the outset, they will be susceptible to misuse and theft.
How can a cash-strapped start-up protect IP rights economically
The best way for a fledgling organisation to protect its IP rights is to be proactive. This involves monitoring, along with fast and decisive action when required. And the best people to do this are lawyers who specialise in intellectual property. These lawyers utilise IP protection software such as IPzen to make the process of monitoring and enforcement as efficient as possible.
IPzen is a Cloud-based software package that helps lawyers to run their practises efficiently. The system is a suite of tools that automates case management, trademark monitoring, domain name monitoring, invoicing, IP enforcement services and deadline tracking. With software automating the process of IP management, the chances of infringements are minimised.
Why IP protection for start-ups is essential
Whether your start-up is raising capital or already trading, you need to take full control of IP management from the outset. According to Startups.co.uk, the valuation of several high-growth companies has been slashed by up to 70% in the past — a result of a failure to implement stringent IP protection systems. This might happen because of a lack of knowledge or general carelessness, but either way it costs new businesses a lot of money.
Protect your start-ups from IP infringements with IP management tool IPzen. See what this powerful law management system can do for you by contacting us and arranging your free, no-obligation online demonstration.