Intellectual Property Rights (IP Rights) are like any other property rights which are intangible in nature however same are valuable and well protected under the law. The IP Rights usually give the creator/Owner/Author an exclusive right over the use of his/her/its creation for a certain period of time, subject to timely renewal, these right could be held and enjoyed in perpetuity . With the rapid increase in the globalization and opening up of the new vistas in India, the "Intellectual Capital" has become one of the key wealth drivers in the present era. Every start-up has IP Rights, which it needs to understand and protect for excelling in its business.
Every start-up uses trade name, brand, logo, advertisements, inventions, designs, products, or a website, in which it possesses valuable IP Rights. While starting any venture, the start -up also needs to confirm that it is not in violation of the IP Rights of any other person to save itself from unwarranted litigation or legal action which can thwart its business activities. Further, start-up ventures should be proactive in developing and protecting their intellectual property for many reasons like improving the valuation of its business, to generate better goodwill, to protect its competitive advantage, to use intellectual property as a marketing edge and to use the IP Rights as a potential revenue stream through licensing.
IP Rights protect several aspects of a business and each type of IP Right carries its own advantages. The scope of IP Rights is very wide, but the prime areas of intellectual property which are of utmost importance for any start-up venture are as follows: