We see it all the time: startup founders ignore the importance of intellectual property (IP) and begin going about their business. Then, they run into trouble down the road. Infringements, misappropriation, ownership disputes, and ultimately lawsuits are enough to stop any startup in its tracks.

That's why registering IP with the appropriate governmental organizations is totally worth it. We'd even go as far as saying it's one of the first things you should do when starting a company (after forming the entity and determining ownership, of course). But, we don't want to make it sound too straightforward because there's a lot to consider when protecting your IP. We could go on and on, but that wouldn't be any fun. So, we'll just hit you with the basics. The stuff you really need to be thinking about as a startup founder.

Let's get down to it then.

Earlier this summer, Governor Mike Pence proposed a $1 billion investment in Indiana innovation and entrepreneurship. Outlined in his proposal were six main areas of focus for the investment to go towards, as outlined in last week’s post and further elaborated on by the Indiana Economic Development Corporation (IEDC) here. This week, we will be dissecting the first area of focus on the list, and giving our recommendation for what we believe would be most beneficial to future entrepreneurs. As stated by the IEDC, this includes:

When the United States Constitution was adopted, it included a provision for preserving intellectual property, done as a means to protect those who invent new products and develop new methods useful to society. Recently, that protection has been morphed into a tool at the hands of people hoping to make what many argue as an undeserved profit. These non-practicing entities (“NPEs”) have come to be infamously known as “patent trolls.” As patent troll litigation heads towards an all-time high, many companies, especially small business, are worried about being targeted by these NPEs, who are getting away with large profits.  The actions of the NPEs can also be seen as hindering the advancement of innovation, the very thing the patent system was put in place to promote.