Overview
For startups and small or medium-sized enterprises (SMEs), intellectual property, such as patents, industrial designs, trademarks, copyrights, and trade secrets, is one of their most valuable assets, and protecting it is crucial to their business success. At any startup, in any industry, intellectual property and the right strategy to protect it should be a proactive conversation that happens at the very beginning of the formation of your business or the development of a new product/service.
Much like companies take inventory of their hard goods, it is also vital for an organization to take stock of their intangible assets, specifically IP assets. Those IP assets have tremendous value and should be at the center of your business plan. Having a clear understanding of your current IP and its value can help you get VC funding, form needed partnerships, establish licensing opportunities, or uncover new product opportunities.
We have extensive experience working with startups and SMEs, developing a well-defined IP strategy and IP portfolio that aligns with your overall business plan to leverage the most value from your IP.
At MBM, we know starting a business or scaling one up with limited resources can be overwhelming. So, let us focus on protecting your IP so you can focus on your business.
Why should a startup engage an IP law firm?
- Protecting intellectual property: A startup’s intellectual property (IP) can be its most valuable asset, and protecting it is crucial to its success. IP law is a highly specialized field that requires significant legal expertise and technical knowledge. An IP law firm can help a startup identify, protect, and enforce its IP rights, including patents, industrial designs, trademarks, copyrights, and trade secrets, ensuring that they are adequately registered and protected from infringement by competitors.
- Avoiding infringement: A startup may unintentionally infringe on someone else’s IP, leading to costly legal battles. An IP law firm can help a startup conduct a comprehensive IP clearance search to ensure that its products or services do not infringe on anyone else’s IP rights.
- Licensing agreements: A startup may need to license its IP to generate revenue or license someone else’s IP to develop its products or services. An IP law firm can help a startup negotiate and draft licensing agreements that protect its interests.
- Funding, Venture capital and M&A: Investors, lenders and potential buyers often view a startup’s intellectual property as a critical factor in determining its value and potential for success. They will closely examine a startup’s IP portfolio before investing in, lending money to or acquiring the company. By working with an IP law firm to develop a solid IP strategy and build a strong IP portfolio, a startup can demonstrate that it has taken the necessary steps to protect its IP, which will increase its value and appeal to potential investors, lenders and buyers.
- Competitive advantage: By protecting their intellectual property, startups can gain a competitive advantage in their market. An IP law firm can help a startup develop and implement strategies for protecting its IP and preventing competitors from infringing upon it.
- Litigation support: If a startup needs to enforce its IP rights or defend against claims of infringement, an IP law firm can represent it throughout the litigation process, including in court.
The initial consultation is always complimentary
When you first reach out to MBM about your IP needs, your initial consultation, either by phone, Zoom or in person, is always complimentary. During this consultation, it is your time to describe your business and inventions to us and for us to absorb and evaluate that information to identify what type of IP you might have. After the initial consultation, we will send you an email providing a general cost estimate for protecting your IP. Click on the button at the top of the page to book your free needs assessment.
Small Businesses Benefit from Reduced Government Fees for Patents
For individuals, startups and SMEs, when seeking a patent, if they employ fewer than 100 employees and qualify as a “small entity” under Canadian Patent Rules, certain government fees are reduced by 50%-60%.
Government IP Funding Programs Across Canada
To assist startups and SMEs in funding IP-related costs, various government funding programs have been developed across Canada to help companies secure IP rights. MBM can help companies determine if they are eligible for government IP assistance and funding and which programs to apply for.
Some specific IP support programs available across Canada are: Elevate IP, IP ASSIST (IRAP), and Intellectual Property Ontario (IPON). These programs provide funding for IP education, IP strategy, and IP implementation and cover a variety of industries. The team at MBM has been involved with these programs from the initial launch and is well versed in the assessment, due diligence, application and implementation stages. MBM is an approved service provider for all three programs: Elevate IP, IP Assist, and IPON.
- Elevate IP:
ElevateIP is a federal program delivered Canada-wide through selected business accelerators and incubators (BAIs) in collaboration with regional partners to help start-ups develop and implement IP strategies, in addition to offering IP education services. To learn more about the Elevate IP program, please click here.
- IP Assist (IRAP):
IP Assist, administered by The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), is a national IP funding program designed to support SMEs’ IP efforts. Under the IP Assist Program, SMEs can receive support and funding across three different levels: IP Awareness, IP Strategy, and IP Action. To learn more about the IP Assist program, please click here.
- Intellectual Property Ontario (IPON):
IPON is a provincially run program that provides support to Ontario-based SMEs operating in one of IPON’s served sectors—MedTech, life sciences, artificial intelligence, vehicle technology, and mining and advanced manufacturing—to promote innovation and growth in these highly desired sectors in Ontario. To learn more about the IPON program, please click here.
For more information and eligibility requirements about Government IP Funding opportunities and the application process, Click Here.
Learn about IP – Educational Resources
MBM is always happy to provide an educational seminar about IP for your staff. We also frequently organize IP 101 seminars for various startup accelerators and university incubators. In addition, we consistently produce content in the form of articles on our website and our IP blog “Canadian Intellectual Property Blog”, so feel free to sign up to receive the latest IP insights.