Starting a new business is a new adventure. But in the middle of all the excitement, it is easy to treat intellectual property (IP) like an afterthought.
However, weaving IP protection into your business formation plan at this stage saves you from headaches, rebrands, and disputes down the road.
So, how to embed IP protection into your business formation strategy? It is not as intimidating as it sounds. Here is what you need to do from day one.
Identify Your Core Intellectual Property
Every business has intellectual property, even if you are not specifically calling it that. This can be your logo, your app code, your secret recipe, or your customer list. All of it counts.
In these early days, you want to take stock of what you have created or are about to create. Ask yourself:
- Do we have names, slogans, or logos we want to own?
- Are we inventing processes or designs that could be patented?
- Do we have data or formulas that we want to keep confidential?
- Are we creating original content, such as photos, videos, or designs, that we want to own and control?
With a small audit, you get a roadmap. Instead of guessing later, you will know which assets are worth protecting first.
Pick a Structure That Defines Your Ownership
Your legal structure is important. Whether you choose an LLC, corporation, or partnership, that does not just affect your taxes; it affects who owns your intellectual property. Without clarity, a founder, partner, or contractor could walk away with key assets. This is more than paperwork. It can prevent those ugly “that’s mine” fights if someone ever leaves the business.
Lock Down Your Brand Before You Go Public
Your brand name is one of your most visible and valuable assets. Unfortunately, it is one of the easiest to lose if you do not secure it. Too many businesses invest in websites, packaging, and marketing only to get a cease-and-desist letter from someone who registered the name first.
You may want to run a trademark search before you launch. If it looks clear, file an application with the U.S. Patent and Trademark Office. That registration gives you nationwide rights and a legal presumption of ownership.
Treat Trade Secrets Like Actual Secrets
Some IP should not be filed publicly. Your secret sauce, your algorithm, your pricing strategy; these are trade secrets. But they only stay protected if you take real steps to keep them confidential. From day one, you may want to set up:
- Non-disclosure agreements (NDAs) for employees, contractors, and vendors
- Access controls and password protections for sensitive files
- Written policies for how to handle confidential information
Courts look at whether you acted as if something was secret. If you do, you are in a stronger position if a dispute ever arises.
Keep an Eye Out After Filing
Filing your trademarks, patents, and agreements is not the end of the journey. You need to keep monitoring. Make sure to set up Google alerts for your brand name. Additionally, you may want to review competitors’ filings and update your contracts as your business evolves.
This ongoing maintenance protects your rights and signals to others that you take your IP seriously. This can discourage copycats before they even start.
Don’t Be Afraid to Ask for Help
There is a lot you can do yourself, but structuring IP ownership or filing complicated patents is worth consulting with a legal professional. An intellectual property attorney provides counsel about issues you might miss and keeps you out of expensive traps.
This is an investment. A brief conversation with a professional during your formation stage can save you months of stress and thousands of dollars if problems arise in the future.
Protect Your IP with Our Legal Guidance
Your ideas are the heart of your business. Protecting them gives your company a strong foundation. So, how to embed IP protection into your business formation strategy? Talking to a skilled intellectual property lawyer is your first step.
At Iconic Inc., we can help protect those creations and ideas, so you don’t have to worry about someone else infringing on them. Schedule your consultation today.