2 Simple Ways to Protect your Startup Idea / Trade Secrets
One does not own an idea so no one steal it.
An idea until executed has no existence in the world of Intellectual Property. You don’t own your idea. An idea is temporary in nature until it is executed, it can be compared to a joke — using somebody else’s joke is not stealing it.
Yes, there are rare exceptions to this rule. The exceptions are that you can patent an invention, copyright a creative work (songs, movies, books, software), and trademark a commercial phrase, image, sound, or video.
“That said, you can protect your startup trade secrets by 2 simple ways”
Non-Disclosure Agreement (NDA) - An effective measure to protect information
Non-Disclosure Agreements (NDAs) are mutual agreements entered by business partners/employees/third party to safe-guard each other’s proprietary information pertaining to business. An NDA is an effective tool to protect your business from any unauthorised use of information, data, plans, pricing and/or strategies.
The need of an NDA:
- For defining the terms and conditions between you and your business partner, employee or any other third party for exchanging and using confidential information and materials.
- For keeping sensitive information confidential.
- For outlining resolutions for agreement violations.
Types of NDA:
- Mutual NDA : where both parties, you and your counterpart, have confidential information to protect
- One-Way NDA : where only one you or your counterpart is disclosing confidential information
Rights and remedies available to the disclosing party: Un-authorised disclosure of confidential information by the Receiving Party causes irreparable damage to the disclosing party. Hence, it is advised that in addition to the indemnification clause the NDA should also contain a clause stating that “Without prejudice to other rights and remedies available to the disclosing party, the disclosing party shall be entitled to seek injunctive relief in case of violation or threatened violation of NDA”.
Dispute resolution:
There is no specific formula or trick for resolving any dispute which may arise out of an NDA. However, it is always suggested to take recourse of Arbitration at the first instance. This allows avoiding a lawsuit. Further, Arbitration is cheaper and faster than a lawsuit, so it’s usually a good idea to include this provision. Otherwise, it always makes sense to seek legal advice from an IPR attorney.
Copyright of Web Content
Under the DMCA or Digital Millennium Copyright Act, all content published online is protected under copyright law, regardless of having the copyright symbol on the page. Any content, no matter the form it takes (whether digital, print, or media) is protected under copyright law. The prevention of copyright infringement requires constant vigilance; even using your own material in two different places and plagiarising unintentionally can land you in trouble.
Ways to Protect Web Content Copyright:
- Preventative Measures - Register your website with the DMCA and add one of their badges to your website to let potential copyright infringers know that you are protecting your content.
2. Use Duplicate Content Detection and Monitoring Tools - Detecting copyright infringements and working pre-emptively against offenders can save a significant amount of time and effort, as copyright laws can become tangled and complicated.
Use these effective measures to protect your startup and discuss your startup idea more freely.
About the Author
This article has been written by our Guest author — Rudraksh Durrani. Rudraksh is a 3rd law student at Rajiv Gandhi National University of Law, Punjab.
