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Technology Law Blog

Who Owns Your Company's Intellectual Property?

Vince Lombardi once said that winning wasn't everything.  It's the only thing. For startup technology and life science companies, the same could be said about your firm's intellectual property.

One area that many entrepreneurs overlook is determining who owns the company's intellectual property: the business entity or one of the founders?  If a founder, intellectual property that could be crucial to the success of the company can "walk out the door" if the founder leaves.

Building a support group could be vital when forming a business

Many individuals in New York and elsewhere may feel that one of the most intimidating aspects of starting a business is the fear that they will have to go through it alone. However, this isn't always the case, and building a support group early on could be vital to achieving one's business goals. When forming a business, a prospective entrepreneur may find it helpful to consider seeking advice on how to pursue or create business networks and relationships.

One of the first steps to take could be to take a moment and consider the type of advice one needs. For instance, by evaluating the overall strategy for the business, a person could begin to identify areas they might be less comfortable with. Entrepreneurs could use this information to seek guidance from others, and even if this only leads to having someone to bounce ideas off of, it could provide a new sense of motivation or inspiration.

Entrepreneurs: Knowing how vital contracts can be

When thoroughly thought out and properly drafted, a business contract can help protect the interests of all parties involved. These protections not only benefit product vendors and clients, but they can also work to safeguard company owners as well. Entrepreneurs in New York may benefit from knowing just how vital contracts can be to protecting the longevity of their endeavors.

Upon entering a business relationship, each party involved may have a certain set of expectations concerning how the arrangement will play out. While being vocal about these expectations can be helpful, setting them forth in writing via a contract could help eliminate uncertainty. A contract could also help all parties involved gain a clearer picture of their obligations and responsibilities and help entrepreneurs better understand how to handle the situation should another party fail to uphold its end of the arrangement.

Entrepreneurs: The potential consequences of rushing the process

The potential promises of success can leave many prospective business owners in a rush to bring their dreams to light. However, rushing the process of forming a company could have its risks. Entrepreneurs in New York who wish to see their business grow and thrive could benefit from understanding how certain actions or decisions could pose a threat to the longevity of their enterprise.

When entrepreneurs feel they have a solid plan for a startup, it might be common to want to put this plan in action as soon as possible. However, starting a company without having the necessary financial backing could prove risky. A similar decision could make an owner more susceptible to cutting corners or making compromises, which could in turn place the future of the company in jeopardy.

Entrepreneurs: Using the experience that comes with age

More and more individuals are starting businesses and achieving high levels of success at an early stage in life. However, age doesn't always play a significant role in the opportunities available for entrepreneurs in New York. Those who feel they might be too old to start a business could benefit from considering how the experiences they have amassed in life could actually play to their advantage.

When it comes to starting a business, age doesn't have to be a barrier, and in some cases, there may be benefits to having previous work experience. For instance, older individuals may have developed a variety of business relationships over the years, and having a multitude of contacts can be beneficial in various ways. In addition, these individuals may also have more access to capital and a better understanding of how to manage finances.

Entrepreneurs: Fear does not have to be a deterrent

The idea of taking a business concept and making it into a reality can be an exciting process. However, it can also be somewhat scary and intimidating, and fear of the unknown can be a strong deterrent if it is not confronted. Entrepreneurs in New York who wish to see their ideas come to fruition could benefit from understanding the fears they might encounter and knowing how best to handle them.

One of the most common fears that entrepreneurs face pertains to the uncertainty involved with change. While forming a routine can be beneficial in various ways, in some cases, change is inevitable and may even prove fruitful, and knowing how to accept and adapt to change could be imperative. The threat of failure is also a common worry for many business owners, and confronting this possibility and making a backup plan could help an owner overcome this fear.

Entrepreneurs: Transitioning from an employee to a business owner

There are many individuals in New York and elsewhere who are content working for another entity. Then there are some who operate in a 9-to-5 setting that have entertained the thought of entering the realm of self-employment. Entrepreneurs who wish to start their own companies may benefit from seeking guidance on how to make the transition as seamless and stress-free as possible.

One concern for those wishing to trade in their jobs for self-employment pertains to the financial uncertainty involved. While the thought of losing access to a steady paycheck might be intimidating, entrepreneurs may still have dreams and plans they wish to see come to fruition. Focusing on these objectives could help prospective entrepreneurs better prepare to take the necessary steps to take to build an enterprise.

Questions entrepreneurs may ask themselves when forming a startup

There may be many individuals who have concepts they wish to put into motion by forming a new business. However, with a multitude of factors to address, starting a company can seem a stressful and daunting endeavor. Entrepreneurs in the New York metro area who wish to achieve success in a business setting could benefit from asking themselves certain questions about what they want for their companies, and in doing so, they may gain a better idea of how to handle the process.

When it comes to starting a new company, an entrepreneur may benefit from asking what products and services he or she wishes to provide consumers and how they can make the company different from the competition. While being distinct can be advantageous at times, business owners might also be also tasked with ensuring their services are in demand. Owners may also benefit from considering who their audience will be, as having a general idea of consumer wishes can be vital to forming a business strategy.

How balance may help entrepreneurs remain productive

Building a successful company can be a rigorous process and the various demands owners may face can have an impact on their productivity. Entrepreneurs in New York may constantly be on the look out for ways to remain productive and cultivate growth. While some may feel that devoting a significant portion of time to the company is vital, studies indicate that in some cases, slowing down and finding balance could prove beneficial.

It might not be uncommon for business owners to feel they have a great deal on their to-do lists each day. While each item may be essential to operations, rushing to complete all daily objectives might not always be best, as it could increase the risks of errors or accidents. However, that doesn't necessarily mean an owner should constantly delay addressing projects. Finding a balance to complete activities safely and effectively while remaining productive can be vital.

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