How to Protect a Great Startup Idea

By: Claire Lui

So you’ve got a great startup idea and you’re ready to launch the next Instagram or FitBit. The question is, how do you protect your startup idea? The answer is intellectual property, often referred to as IP. IP protection includes a range of laws that can both help and hinder entrepreneurs. But patents, trademarks and copyrights are crucial to a startup’s success. Remember, too, that investors will expect startups to have their IP protection in place before doling out any venture capital.

Intellectual property law is complicated and constantly evolving. Consider these tips a starting point and not a substitute for legal advice. Your best bet for protecting your startup is an experienced IP lawyer.

PATENTS, COPYRIGHTS, TRADEMARKS AND TRADE SECRETS
Start by figuring out what type of intellectual property you need to protect. In the United States, there are four primary ways of protecting intellectual property:

> Patents protect inventions, whether it’s a type of software or a physical object. Patents last for 20 years, though periodic fees will be required.

> Copyrights cover creative works such as novels, films and songs. There are several variables about how long a copyright will last. For “made for hire” work, which is generally the type of work created for small businesses, a copyright will last either 95 years from the year of its first publication or 120 years from its creation, whichever will expire first.

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