How can i protect my new business idea from being copied?
Given a scenario where a person has a business idea in mind and has just begun working, the major concern always is, how to protect our business from getting copied or preventing leak of important information that could harm the workings of the business in the present and future. I wanted to inquire that in a start up with a business idea, what are the rights of the owner concerning the Intellectual Property for the business and what can be done to protect the IP. Can you also explain the concept of Trade Secrets and their registration in India, alongwith other ways to protect the IP.
This question has been answered by one of our lawyers. See answer below.
Simply put, there are no IP rights for "ideas" per se. That said, there are multiple ways in which one can protect their creation. Trademark, copyright and patent registrations are the more conventional ways of securing IPR, subject to, of course, what specific registration is applicable to the business. With respect to trade secrets, there is no statutory protection. They are protected through contracts and, therefore, it is important to get foolproof employment contracts drafted. It is also important to sign a NDA with all vendors. You should meet a start-up lawyer who can give you advice specific to your situation.
Advocate Dhruv SuriBarakhamba Road, Delhi
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