Before establishing a company, the million-dollar question on an entrepreneur’s mind is whether businesses with intellectual property achieve more long-term success than startups without it in the UAE? And to what extent does intellectual property (IP) play a critical role in protecting new startup companies in the market of UAE? The answers to these questions are affirmative.
Intellectual property is critical to the development of new companies and should never be overlooked. All the entrepreneur must aim to educate themselves about the essential nature of intellectual property protection. It may be challenging to maintain a concurrent focus on intellectual property concerns throughout this period (initial phase of startup). However, this early stage is essential for ensuring that a company protects its crucial intellectual property and prevents third party intellectual property risks. This article offers an overview of the many kinds of intellectual property and guidance to startup businesses on how to protect their intellectual property and defend themselves from intellectual property threats posed by others.
What are Intellectual Property rights?
Intellectual Property rights include industrial property and copyright. It is a monopoly right to protect innovations, distinguishing marks for goods and services, or, for example, designs for the appearance of a product. Patents, utility models, designs, trademarks, and domain names are all examples of industrial property.
Role of Intellectual Property in New Startup Business
A thorough grasp of intellectual property and the development of an IP strategy aligned with the company are critical components of establishing a successful new enterprise. The following are the essential kinds of intellectual property that startups should be aware of:
While not every new company will benefit from spending money in developing a patent portfolio, the decision to seek patent protection requires a thorough and early examination. Patent law protects innovations (utility patents) and visual designs for manufactured goods (design patents). Understanding the function of patents is essential for two reasons:
- To safeguard your own company and innovations from the competition.
- prevent being subjected to patent infringement claims by rivals and other third parties
Entrepreneurs must understand the various types of patent protection and their implications for their companies. If you’ve created a new product with a distinct purpose, it may be protected with a patent. A microwave oven, genetically modified bacteria for cleaning up oil spills, a computerized system of handling financial management accounts, and a technique for curing rubber are all examples of innovations covered under utility patents. Consider filing for patent protection if your product innovation is beneficial, novel, and creative.
How can Patent be helpful for business?
Patents may provide a variety of advantages to startup companies. For instance, a critical patent may assist attract investors by acting as a barrier to entry for rivals. Additionally, by submitting a patent application, the business may advertise its product or service. Once a patent is issued, it may be utilized to keep rivals out of the field and can be used to seek infringement damages. Patents may also assist a company’s finances by allowing for licensing income.
A registered trademark entitles the owner to the Trademark’s exclusive use and the ability to prohibit others from using deceptively similar marks. A trademark is a symbol that uniquely identifies your goods and services from those of your rivals. Words, numbers, personal names, forms, colors, and melodies are all examples of trademarks. Registration is valid for ten years and is renewable.
Trademark Search: an effective tool to consider before registration of Trademark
Businesses should know whether their intended name, logo, or domain name is already in use by others when seeking trademarks. Trademark Search is the process of looking for existing uses of the desired mark to “clear” it for use. Early on, searching the name and brand will decrease the probability of future issues.
Startups should consider clarifying and registering important trademarks early on to safeguard their brand. A trademark application must specify the kind of mark to be protected, such as whether the mark is simply words or incorporates a stylized design or even a distinctive colour or sound. The application must also state which mark will cover products or services. It will become more crucial to monitor illegal uses of the business’s trademarks with trademark search as the company develops. Such measures will assist to guarantee that the company does not lose consumers in the long run.
Copyright is a legal term that refers to the protection of literary and creative works. The work must represent the author’s creative vision and be self-contained and unique. It may not be a duplicate or replica of a previously published work. Copyright protection applies to works of fiction or description in writing or speech, musical or theatrical works, cinematographic works, photographic works, and other works of fine art, as well as architectural, creative handicraft, and industrial art goods. Additionally, computer programs may be protected by copyright. Copyright does not apply to themes, ideas, techniques, concepts, information content, or storylines, on the other hand.
How is copyright beneficial for a startup?
On all published documents, businesses should incorporate the mark © or the word “Copyright.” Additionally, they should contain the year of first publication, the owner’s name, and the phrase “All rights reserved.” Businesses should consider registering any critical content so that they may pursue infringement via litigation. Additionally, startups should avoid using third-party images, music, or writings in their website, marketing materials, or goods. This kind of usage may result in a potentially expensive copyright infringement lawsuit with the copyright owners. Finally, since the author is the default copyright owner, businesses should take measures to guarantee ownership of any copyrightable work produced by employees or third-party contractors.
The purpose of this article is to provide a general overview of the subject. Startups should assess the kinds of intellectual property that may affect their company and strategically consider patents, trademarks, and copyright protection. Your intellectual property (IP) may be your most important asset as a new business. Our Trademark expert at FAR Consulting Middle East can help you identify and protect your IP rights right from the start of your business. For more information, don’t hesitate to contact us today.