Dr. Ruth Flaherty on Protecting Your Business Ideas and Assets in the Early Stages of Start-Up

Start Build and Grow

In this podcast episode, host, Rob Lawrence, and guest, Dr. Ruth Flaherty, explore the crucial steps for entrepreneurs in the early stages of business. They discuss the importance of protecting intellectual property, choosing the right business structure, and understanding the legalities of trademarks and patents. Dr. Flaherty highlights the need for compliance with GDPR and cybersecurity in handling customer data, and the benefits of incorporating a business. You'll also hear the importance of maintaining good documentation practices, meeting legislative requirements, and utilising support networks. Hear why staying passionate and seeking professional guidance to overcome administrative challenges is important in starting and growing a business.

In this episode you'll learn:

The value of protecting your ideas (00:02:20) Early considerations for protecting intellectual property, including patents, trademarks, and copyright.

Choosing the appropriate business structure (00:08:46) Overview of different business structures, such as sole trader, partnership, and incorporation, and their implications.

Protecting your brand and web address (00:05:18) The importance of registering trademarks and web addresses to protect brand integrity and prevent others from trading under the same name.

Considering professional services business structure (00:14:07) The suitability of different business structures for different types of businesses including limited liability partnerships for professional services.

Mistakes to avoid in the early days (00:15:49) Guidance on researching and understanding the costs and implications of protecting intellectual property and the importance of seeking professional advice early on.

Protecting Assets and Ideas (00:20:42) The importance of protecting business assets and intellectual property, including registering trademarks and patents.

Global Trademark Registration (00:21:40) Things to think about when registering trademarks globally, with a cautionary example.

Data Protection and GDPR (00:25:37) The importance of complying with GDPR, handling customer data, and securing sensitive information.

Employment and Payment Structure (00:24:03) Considerations for structuring company payment plans and incorporating businesses for easier employee payments.

Additional Legal Considerations (00:31:06) Why you need to develop good filing habits and the importance of compliance with legislative requirements, and seeking funding sources.

Business Support and Resources (00:36:11) Ideas on seeking support from trade associations, business coaches, and maintaining enthusiasm for the business idea.

Connecting with the Expert (00:38:57) Contact information for Dr. Ruth Flaherty, including email, LinkedIn, and Twitter.

Ruth's recommended resources:

• Dr. Ruth Flaherty - Find Ruth at The University of Suffolk
• Small Business - Advice and ideas for UK small businesses and SMEs
• London Business Matters – Published by Crosby Associates Media Limited
• Growth Business - For Entrepreneurs and Fast-growth Businesses
• Viv Groskop's book Happy High Status - Viv Groskop’s work on both How to Own the Room, and Happy High Status (again, read the books, or listen to the podcast)
• Viv Groskop's book - How to Own the Room - Viv Groskop’s work on both How to Own the Room, and Happy High Status (again, read the books, or listen to the podcast)
• Elizabeth Day's book on How To Fail - Elizabeth Day’s work on How to Fail (book and podcast) – I know, this is a podcast about succeeding, but knowing how to innovate is a large part about knowing how to take risks, and how to react to things that might feel like failures at the time.
• Brené Brown's book - Dare to Lead - Brené Brown’s work (both her podcast, and her book) on Dare to Lead
• Kluwer Copyright Blog - Wolters Kluwer has wonderful up to date blogs on copyright.
• Kluwer Trademark Blog - Wolters Kluwer has wonderful up to date blogs on trademarks.
• Kluwer Patent Blog - Wolters Kluwer has wonderful up to date blogs on patents.

About Dr. Ruth Flaherty:

Dr Ruth Flaherty is an expert in innovation, creativity and ownership in both online and offline spaces. She has published and presented internationally on copyright, trademarks, and technology such as 3D printing, and is a member of many international networks in the field. She is a nationally recognised teaching expert, as a finalist for the Oxford University Press Law Teacher of the Year 2024 Award. In her role as Senior Lecturer at the University of Suffolk she uses her research into protection of intellectual property assets to support SME and local innovators through her work with the Innovation Lab, where she provides advice on a 121 or group basis. She has been heavily involved in the Start Build and Grow programme since it started in Ipswich, providing advice on company structure, initial liability concerns, and IP rights. She is very involved with social media, and can be found on LinkedIn, Mastodon, Bluesky, and X(Twitter).

To learn more head on over to:

www.startbuildgrow.co.uk