Safeguard Your Business’s Intellectual Property
As a business owner of a startup, you’re likely to meet with prospective business partners, investors, and others to share your ideas to gain funding. The huge downside of this, however, is the risk that someone may steal your concept or ideas if you haven’t protected your intellectual property. You’ve worked hard to gather this property, and it’s worth protecting it from other people who may use it without you knowing. We’ve rounded up a few tips from your business consultant in Ventura County, CA to help.
- Make sure you own it
Before you can determine how to protect your intellectual property, you have to be sure you actually own it outright. If you’ve developed your startup’s intellectual property while you were employed by another company, make sure to read over the contract with your former employer to ensure that they don’t have grounds to claim the rights to the intellectual property.
- Protect it with an NDA
If you’re planning on approaching potential investors to raise funds for your startup, you’ll have to divulge some or all of your proprietary information. Before you show anyone your business plan or slide presentation, ask them to sign a nondisclosure agreement (NDA) indicating that they won’t copy the materials or share them with others.
- Safeguard with insurance
There is no such thing as intellectual property insurance, but there are a number of insurance policies that can help your startup. Errors and omissions insurance can provide coverage for legal fees and other expenses if you are found liable for some types of intellectual property infringement. It also steps in to help if you make a mistake at work that causes financial loss. Cyber liability insurance works to safeguard your business against liability and expense due to the theft or loss of data.
For more guidance on growing your own business, contact the Economic Development Collaborative. Conveniently located in Camarillo, California, we’re here to help.