Simple oversights at the earliest stage of business formation can cause long term issues for any business, especially when trying to secure funding. Investors often consider IP to be the most valuable part of a business and is highly influential in securing early stage funding.
When forming a business or creating a new product/service from an idea either independently or on behalf of someone else it is important to make sure that ownership is clear.
IP rights from ideas or work done before a new business is formed will probably belong to the individual creators. To overcome this you would need to create written agreements ensuring all these IP rights come into the company through transfer of ownership or long-term access agreements.
If the originator of any IP was employed by someone else before joining the new company or is a director of another company it can be more complicated.
It is even important to protect your IP as the initial team is being put together. The use of non-disclosure agreements can prevent loss of patentability and ensure business ideas are not used by competitors.
Any dealings (e.g. logos, artwork produced) you have with outside agencies (product design/ad agencies etc) will also need to be checked. It’s critical you capture the resulting design IP so you have the rights to reuse the artwork etc through signed contracts.
Source: bit.ly/2f7Btdn
