10 Common Mistakes When Launching a New Business

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Mind Map by julian valencia, updated more than 1 year ago
julian  valencia
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10 Common Mistakes When Launching a New Business
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1.1 1. Choosing A Business Name Without Rights To An Online Presence
1.1.1 A business should ensure that they can have exclusive right to use it in association with the goods and services of their company to prevent others from hijacking or diverting attention from their Brand.
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2.1 2. The Business Name Does Not Comply With Applicable Legislation
2.1.1 the business name should be unique and not confuse a consumer with the goods, services, or trademarks of another business. The name should also not falsely describe the business
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3.1 3. Failing To Trademark A Business Name
3.1.1 A business still has to file for a trademark. It’s advisable to do so after the recommended name and trademark searches to ensure they have all their rights protected. It is a mandatory requirement before a new corporate name
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4.1 4. Failing To Obtain International Trademark Protection
4.1.1 The last thing a business wants is to be ready to launch after pitching to funders and investors only to find out that someone else holds the trademark rights. It’s important for founders to think about where their markets are or could be in order to protect their brand in those markets.
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5.1 5. Failing To Properly Secure The Intellectual Property Rights From Co-Founders, Employees, Licensees Etc.
5.1.1 It’s important to also ensure that any founders or part time independent contractors are not also employees of another company that could be a competing business. Further, the work or contribution they could be doing for their new company could belong to the employer creating conflicting and competing interests.
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6.1 6. Disclosing An Invention Outside Of The Time Limitation To File A Patent
6.1.1 A patent gives the owner of the patent exclusivity over the right to that invention for a certain period of time in a particular jurisdiction. then to ensure that any parties that an inventor wishes to disclose to, signs a non-disclosure agreement (“NDA”) that has been vetted by a lawyer. In addition, business plans should note that all information contained in them are confidential and proprietary.
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7.1 7. Failure To Sign Agreements With Co-Founders
7.1.1 Proper shareholder agreements, intellectual property assignment rights from employees, and co-founders assigning all intellectual property rights to the company are important. By incorporating early instead of waiting later, a company can ensure that the founders are issued shares “subject to vesting”. All founders should assign all inventions, ideas, and anything they worked on or contributed to the company’s proposed business. This way, if a founder leaves, a company is not in jeopardy of losing the intellectual property rights that go with it.
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8.1 8. Use Of Generic Non-Disclosure Agreement And Templates
8.1.1 A business may fail to customize an NDA by using templates they obtained from others or on the internet. instead of obtaining proper legal advice, a startup may use generic templates, like shareholder agreements, found on the internet. The danger is that legal concepts found in foreign laws may not be applicable to contracts in the business owner’s jurisdiction. For instance, a template from the internet may have a clause stating that the governing law is in London, UK but the parties may both reside in British Columbia.
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9.1 9. Failing To Put Together A Proper Pitch Deck Or Business Plan
9.1.1 It is important for a business to have a good business plan which can even be a one page business plan. Without the competitive edge including intellectual property rights or a good business plan, it is difficult for investors, backers or funders to want to invest in a business. Most important, are the legal disclaimers to ensure that the business owner is not violating securities law as further discussed below.
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10.1 10. (Unknowingly) Violating Securities Laws
10.1.1 Founders need to be aware that by pitching, sharing a business plan or asking for money could put them offside securities laws. There are securities laws and rules when presenting to potential investors. it’s important to add a disclaimer on any opening slide presentations to make it clear that the business is not soliciting investment from the attendees or potential investors. Investing money in the right legal advice at the outset to protect a business’s brand, inventions, intellectual property and proprietary interests will protect a business in the long run.
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