Startup culture has emerged as a game changer in the modern world, driving economic growth, innovation, and job creation. As of February 2024, there are over 150 million startups worldwide, with 137,000 new startups launching daily. This surge in startups has achieved a remarkable transformation and has instigated several revolutionary innovations. However, with this spike in startups, there arise several infringement issues as well. This is why startups must secure their IPs to ensure durable growth. In this blog post, we will understand the importance of IP protection for startups and how they can sidestep infringement issues.
How does IP Protection Empower Startups?
Every startup initiates with an idea that shapes its growth and development. While building a startup, entrepreneurs often face disappointments due to infringement issues. Hence, IP protection can empower their market position by preserving ideas, attracting investors, monetizing IP, ensuring legal protection, and differentiating themselves in the market.
According to 2021 GSER data by Startup Genome, approximately 40% of startups globally face IP infringement issues, highlighting that they remain a constant threat. Thus, it becomes vital for startups to protect their IP by opting for intellectual property rights (IPRs). They are a set of exclusive rights granted to the creations of the mind, which are intellectual property.
Following are a few of the most significant IPRs for startups:
Copyrights protect the original work of authorship and tangible elements of startups. Also, they give exclusive rights to the owners, preventing unauthorized uses or infringements.
Trademarks: These are another branch of IPRs protecting the brand components that distinguish any startup from the rest of the market. By differentiating them, they also prevent confusion among the customers.
Trade secrets: They protect confidential and valuable information like methods, formulas, processes, customer lists, patterns, business strategies, or compilations. These offer startups competitive advantages and, hence, secure sustainable growth in the long run.
Patents: These are a form of IPRs granted by a government for inventions and discoveries including processes, machines, and compositions of matter. They give exclusive rights for a certain period, preventing others from exploiting or using the patented invention without the owner’s permission.
The Challenges in Gaining an IP Certification
A well-known fact is that IPRs safeguard creative assets. However, acquiring an IP certification is more challenging due to rigorous criteria and evidence of ownership. Certain ideas are meant to be protected, but creators and businesses do not wish to bring them into the public domain, which becomes inevitable once IP certificates are issued. Additionally, acquiring an IP certification might not always be economical for protected ideas. So, what is the solution? The answer is blockchain.
A technology built upon the pillars of decentralization, secure network infrastructure and distributed ledgers, is a globally accepted channel to verify and authenticate asset identifications. And how do you incorporate IP into the same?
MyIPR, a platform powered by blockchain technology, is here to help.
Introducing MyIPR: Blockchain-Powered Idea Protection Platform
A platform built to invest a user’s trust with irrefutable security incorporated by the underlying blockchain, and the authenticity originating from the WIPO laws. Blockchain technology offers a robust solution by securely collecting and timestamping evidence of IP creation, making MyIPR a secure platform for creators and businesses to commence their creative ventures in a safe environment. It offers users the ease to protect their IP assets digitally using blockchain, without the hustle of redtapism.
Further, it serves as a repository for all types of IPs, automatically and indisputably recording the date and time of creation for every upload. Besides, it has been molded with an advanced algorithm that can detect similarities among different ideas. This can further shrink the chances of the coincidence of double discoveries or processing similar ideas.
So, what MyIPR is your protecter armed with blockchain, that safeguards your assets and builds your digital infringement-proof safe of all your ideas, at a low cost.
Conclusion
In conclusion, intellectual property plays a leading role in the foundation and successful long run of startups, making it essential to protect them. Secured IP ensures startups’ firm positioning in the market, enhancing their brand value and identity. Furthermore, it attracts investors and partnerships and bars competitors from exploitation or theft. Correspondingly, startups rely upon intellectual property rights like copyrights, trademarks, and trade secrets to safeguard their IPs. MyIPR lines up with the same vision of providing you with a platform that ensures the safety of all your intellectual assets.
For more information and queries, please visit MyIPR, a user-friendly application that will streamline your creation and will make sure to comply with the security of the content and creation.
