The difference between having an idea and owning it is intellectual property rights. Having an intellectual property right registered against your startup means that it is protected and no one can steal it from you. Here are 3 ways Intellectual property issues affect StartUps.
1. Trademarks protects your brand from counterfeits. The process of building good will and achieving product market fit is often long and hard and trademarks make sure no one can steal your goodwill once you have developed it.
2. Copyrights protects your creation. Whether it’s a song attached to your brand, a jingle or unique art attached to your start up. Copyrights ensure that it cannot be stolen by another person.
3. Trade Secrets protect the formulas, methods, processes, advertising strategies that your start up uses. Trade Secrets are protected through legal documents like Non Disclosure Agreements and Trade Secrets Policies. This ensures that no one can copy/steal your methods, processes and strategies.