Intellectual Property

Consider this:

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‍Ownership of your IP equals control: by protecting your IP you can maintain control over your products, services, and innovations. You decide who can do what with your IP to ensure that your competitive edge remains intact.
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You’re positioning yourself for potential investment & growth: Companies that own IP testify that the main benefits of owning IP were increased business value, increased revenues and strengthened long-term business prospects. IP signals that the company owns and safeguards their unique assets, thus increasing its valuation and potential for funding.

‍Barrier to Entry: IP protection creates a legal barrier against your competitors. This reduces the likelihood of copycats and gives the business time to grow and solidify its market position.

‍Exit Strategy: At some point you and/or your investors may want to sell. In a knowledge-based economy, protecting IP is crucial for an eventual exit—whether through acquisition or IPO—since a strategic IP portfolio will significantly contribute to the business’s value.

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At ventureLAB you'll learn about IP and what it can do for your business, for example:

Webinar: IP Essentials for Founders
Handout: IP Essentials for Founders
Coaching: IP information sessions with our Director of IP Programs and Policy (1-on-1 meetings)

Publicly available resources

Discover intellectual property: a 15-minute online course from the Canadian Intellectual Property Office
Intellectual property in Canada: an overview of the most common forms of IP in Canada and what they protect
Intellectual Property 101: I Got My Patent. Now What? | ventureLAB

Here are some good habits to pick up to build a strong IP footprint for your company:

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Creators assign the IP to the company: You, your co-founders, employees, students, 3^rd party collaborators etc. may at some point create something for the company. Whether it is software code, algorithms, a widget, logo, website, etc.; make sure that there are legal agreements in place to ensure that whatever is created is owned by (assigned to) the company - ideally even before the IP is created.

Don’t limit yourself to patents: Different IP rights protect different things. Functionality, processes, methods and products are typically protected as trade secrets or patents, the way a product or app looks can be protected by a design, slogans and logos can be trademarks, and other creations like literal works (including software code), photographs, etc. can be protected under copyright law. Know-how, future plans, confidential information and ideas are part of your IP too. Here are some good habits to pick up to build a strong IP footprint for your company:

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Maintain a list of your IP: Create an inventory where creations, inventions, designs etc. are listed. Note how these are protected, who the owners are, and how the rights are monitored and maintained. Use this list to verify how your competitive strength and most vulnerable and valuable parts are protected.‍

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At ventureLAB you’ll learn about IP and what it can do for your business, for example:

Webinar: IP 101
Checklist: IP Checklist for founders
Handout: Working with University TTOs and Research Institutions
Template: IP inventory
Coaching: IP information sessions with our Director of IP Programs and Policy (1-on-1 meetings)

Publicly available resources

Here's what you need to know before you apply for IP protection.

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Is it protectable? Not everything can be protected by IP rights. Patents, for example, protect inventions, not abstract ideas or scientific theories. Trademarks must be distinctive and not confusing or misleading. Industrial designs protect the aesthetic aspects of an item, not its function. Talk to an expert early to avoid any surprises down the road.

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‍Should I protect it? IP protection comes with its own set of responsibilities. For example, once you file for a patent, it becomes public.Trademarks only protect what they’re registered for, and you’re required to maintain them. In some cases, skipping formal protection—like using an unregistered trademark or keeping something confidential—might be the smarter choice. It’s a good idea to get legal advice and an opinion on what form of IP could serve your company best in the short, medium and long term.

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‍Is it new? Before you rush to file, do a thorough search to see if your invention, design, or trademark already exists. While you can do some basic checking yourself, only a professional can tell you if your idea is truly unique and if it qualifies for formal protection.

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‍Will it pass examination? Once you’ve got a positive search result, you can file for protection. Expect your application to be examined by the government.

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It’s common to face objections, but an experienced IP professional can help you navigate these hurdles and respond effectively.

Publicly available resources

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Here are some good habits to manage your IP:

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Maintain an IP strategy: your plan and budget for your IP. Knowing the types of IP rights there are means you’ll know how to protect your creations. Some are automatically protected and don’t require any registration or application; some can only be protected after a thorough examination. Very often you’ll need to keep some things secret while you figure out the next steps. You’ll also need to know how to discuss your IP without revealing your secrets, so use agreements and sharpen your information sharing habits.

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Have a proactive system in place for your IP. Ensure your IP gets regular attention, and that employees and collaborators know how creations and inventions are captured and assigned. Always keep an eye out on what is happening in your industry: new patent, trademark, and industrial design applications can be good indicators of what competitors are doing.

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Work with a professional. Collaborating with an external firm can take many forms, depending on your needs—from engaging an expert for targeted tasks to developing an ongoing partnership for broader strategic support. Some founders have a strong grasp of IP and rely on a professional for specific, technical tasks, while others prefer to entrust their IP strategy to a trusted advisor. There’s no one-size-fits-all approach, just ensure the relationship is built on trust, informed decisions, and a shared commitment to what's best for your company —not just short-term wins like filing for patents or trademarks that may not serve your long-term goals.

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At ventureLAB you’ll learn about IP and what it can do for your business, for example:

Webinar: IP Strategies
Checklist: IP checklist for founders
Template: IP Strategy, Open Source Software log
Coaching: IP information sessions with our Director of IP Programs and Policy (1-on-1 meetings)