The most valuable asset of a company is the IP or intellectual property. In case you are planning for a technology startup, it becomes non-negotiable. But, in most cases, the owners of technology companies simply ignore it.
In both the manufacturing and technology sectors, a huge brand value is attached to intellectual property or IP. In addition to safeguarding services and products, all these protections can also actively influence your fundraising events.
5 Things You Need To Know About Technology Companies And IPR Laws
So, it is really important to consider IPR laws in your technology companies. But before you spend your money on all these essentials, it is really essential to know some basic things about technology companies and IPR laws.
So, let’s look at the 5 things that you need to know about technology companies and IPR laws. You also can contact BSA Ahmad Bin Hezeem & Associates LLP for total assistance.
Types Of Intellectual property Protection
When we are learning about intellectual property protections, the discussion will be incomplete without the types of intellectual property protections. Every protection is designed for safeguarding specific assets. In general, there are four categories of intellectual property protections.
And those four categories are,
- Patents: It is to prevent others from making, selling, or using a product or service. A utility patent is the most popular patent.
- Trade Secrets: In case your technology company has a special secret manufacturing method, which offers a competitive advantage in the marketplace, you have to protect it.
- Copyrights: Original works of authorship, like Images, or software are protected by copyright. We all are more or less familiar with this.
- Trademarks: the designs, symbols, and words that are being used for distinguishing your brand stay protected with a trademark.
Selling Intellectual property
In case you plan to sell your technology business, the buyer will expect you to offer a comprehensive overview of IP protection. There are also a number of companies, which make purchases of other companies on the basis of the IP that they possess.
The intellectual property, trademarks, licenses, copyrights, and patents of the skiing company are considered really vital here.
Addressing Intellectual Property Disagreements
Over copyright and patent infringement, federal courts have exclusive jurisdiction in today’s world. On the basis of the severity of the infringement, technology companies also can get monetary compensation.
In case you find your intellectual property has been used without your consent or stolen, you need to contact the offender through a cease and desist letter in the first place. The letter should have some particular details.
International Intellectual property Protections
When you are planning to expand your business into international markets, you have to familiarize yourself with the unique trade secret, trademark, and patent laws in those foreign countries. Almost every country has its own patent laws along with application processes.
So, it is always beneficial to ask for the required processes at the very beginning. The best thing is that you do not need to pay application fees individually. You can streamline the application process by taking advantage of the Patent Cooperation Treaty.
Get Legal Counsel
When you are navigating IP protection, you need to have experienced legal counsel by your side. In filling out the IP protection application, a good attorney will help you. Apart from that, the professional will also be able to help you in identifying the “gray areas.”
These gray areas are responsible for attracting government investigations, lawsuits, and many more. It is true that for technology startups, the cost of getting a legal representative can be really troublesome. Still, you can get some options that will help you with what kind of lawyer you need.
So, these are the 5 things that you need to know about technology companies and IPR laws. Intellectual properties are really crucial for any brand of any sector or industry. But when it comes to the technical industry, IPR law is one of the most neglected ones. But you may need to pay a huge amount in case you get yourself involved in any legal issue.