With constantly evolving markets where new technologies are introduced at a rapid pace, startups need to take active steps to become and stay competitive in their respective fields of business. So, what should each startup consider in relation to their IP assets?

For startups it is increasingly important to conduct an IP audit to identify the IPR that are relevant for the company’s business. Branding is, of course, essential. If the startup has invented its own technology, it will also need to assess whether it should be protected by patents, copyright, or trade secrets - or perhaps a combination of the aforesaid with overlapping protection.

The startup then needs to secure access to and adequate protection of the identified IPR.

First, the company must confirm that it owns the IPR relevant for its business – that such IPR are not technically owned by other entities or by employees. Second, the startup needs to consider whether there are other IPR that are needed for the business, and which can be accessed through licensing arrangements. Each company has different needs, meaning that the overall setup and optimal arrangements will vary from company to company.

For startups active in fields where technical innovations occur, it is often valuable to be able to show some patent protection, as this typically helps attracting investments and increases the valuation of a company. However, a more pragmatic and cost-efficient form of protecting relevant ideas and technology of a startup can be to treat them as trade secrets. There are pros and cons with both alternatives and ultimately the goals, objectives and resources of the startup will be decisive when deciding the right course of action.

The above examples illustrate why it is so important for startups to have an explicit plan and roadmap for the handling of their IPR. Sometimes this need stems from the outside world, as investors demand clear IP strategies before investments and as the company needs to stay clear of infringement claims relating to third party IPR. But to a large extent a solid IP strategy will form the cornerstone of the startup’s overall business plan, helping the startup hit the goals it has set for itself in the first place.

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