5 ways to improve your Intellectual Property position that will cost you nothing

Intellectual Property (IP) is an important aspect of any business, but it can be costly and time-consuming to establish and maintain, especially when you are still at the early stage of your venture. There are multiple priorities to balance and, unfortunately, IP is usually on the lower end of the scale. However, there are several steps that startup founders can take to strengthen their IP position without incurring any additional costs. 

Here are 5 easy steps to strengthen your IP position that will cost you nothing:

1. Pick a name after a thorough trademark search: Before you start using a new name, logo, or slogan, conduct a thorough trademark search to ensure that it’s available for use. This can prevent you from infringing on someone else’s trademark and help you avoid costly legal disputes down the line. Search both in trade mark registries (TMview is a good, free resource to start) as well as by simply looking for your brand online, in Google, AppStores, Companies House. Finding another business under the same name is not the end of the world, as long as they are not in the same line of business but it’s highly recommend that you consult an IP specialist when in doubt.
2. Document your IP: Keep detailed records of your IP including the date of creation and any modifications made to it. Logos, websites, decks, reports, absolutely anything that you created. This can help you establish your ownership and prove it in case of any disputes. 
3. Use Non-Disclosure Agreements (NDAs): Have your employees, contractors, and business partners sign NDAs to legally bind them from sharing your confidential information. This can help you protect your trade secrets and confidential information, which can be a valuable asset for your business.
4. Implement Cybersecurity measures: Implement strong cybersecurity measures, such as encryption and secure login protocols, to protect against cyber attacks and unauthorized access to your digital IP. If there are any elements of your business that you consider trade secrets, make it very clear. You will not only need increased cybersecurity measures for protecting them but also contractual and organisational measures that differentiate handling of trade secrets from other standard, even if confidential, information used in your business.
5. Educate your employees: Regularly educate your employees about IP protection and monitor their activities to ensure compliance with company policies. This will not only help you in protecting your IP but also create a culture of ownership. Make sure your team understands what IP is (so that they report it as soon as they create anything worth considering for registered protection) and what IP you currently own (so that they can red flag any potential misuse by competitors).

By taking these 5 easy steps, startup founders can strengthen their IP position without incurring any additional costs. It’s important to remember that protecting your IP is an ongoing process that requires constant vigilance and regular updates to security measures as technology and threats evolve. Your business will evolve too and your take on Intellectual Property and IP Strategy might need updating every now and then. If IP is not a regular point of your management agenda, make an effort to include it at least every quarter to proactively manage any risks and opportunities.