The concepts and ideas that drive a company may play a significant role in its success. Whether these ideas pertain to product specifications, or dictate daily operations, they can play an integral role in the longevity of a company. Business owners in New York and elsewhere may wish to safeguard the intellectual property of their companies, but they might be uncertain of the options available, or even unaware of what is considered as intellectual property.
While there is no statistical basis for the often-repeated claim than nine of 10 new businesses will fail, the challenges faced by technology startups are significant. According to a study by Bruce D. Phillips of the National Federation of Independent Business and the late Bruce A. Kirchhoff, director of the technological entrepreneurship program at New Jersey Institute of Technology, just under 40 percent of startups with 500 or fewer employees will survive their first six years.
Starting a new business can be an exciting endeavor, but it can also be complex. Entrepreneurs in New York and across the nation may need to cover a variety of crucial aspects upon forming a new business entity, especially if they intend on hiring employees. An employment contract can be essential in protecting the owner's business interests and intellectual property, but knowing the aspects to cover in these agreements can be challenging.