So you have decided to start a new business? You have a novel idea or a better way of doing things? What’s next?
Starting a new business can be daunting, but with good planning and the help of experienced advisors, success is just around the corner. In this guide, we give our top 10 actions to consider for Start Ups embarking on a new business journey to maximise their chances of success and avoid legal hardships.
#5: Registering your start up’s intellectual property
Before commencing business, it is important to have taken the necessary steps to protect the intellectual property that the business will be using.
Common forms of IP protection include:
Applying for a patent can be expensive but it may be critical if your business is relying on a new invention or idea. Once an invention becomes public, it is no longer possible to patent it.
When considering trademark and patent registration, we recommend you consult with a IP attorney to get advice and correctly make the registrations required.
If registering a patent is outside your budget or you think it’s too early to do so, you may be able to protect your interests when sharing your idea with others by using a confidentiality agreement. Although there are confidentiality agreement templates available online, it is recommended that you have a confidentiality agreement drawn up that is suited to what you intend to disclose and the purpose of the disclosure. This is particularly important if your business is wholly dependent on the idea you are disclosing. Most lawyers can prepare a simple but tailored confidentiality agreement at little cost.
It goes without saying that you should also check if anyone already owns or is operating under your proposed business name or logo, and you should never attempt to operate under a business name, logo or idea that’s deceptively similar to or a spin-off on someone else’s. Although it might sound smart or quirky, you are putting yourself squarely in the line of fire and IP litigation can be extremely costly.
You can learn more about intellectual property and search registered trade marks, patents and designs on the Australian Government’s IP Australia website.
For more information regarding your start-up journey, download the full guide below or contact us today.
What’s next? #6: Ensuring Your Licenses and Policies Are in Place
Read from the beginning: #1: How to Make a Real Business Plan for Your Start Up
Individual liability limited by a scheme approved under professional standards legislation (personal injury work exempted).
The article was authored by a former team member while they were under the employ of Bennett & Philp Lawyers.