In this article, we will be focusing on how to protect the intellectual property of technology companies in Nigeria.
The Nigerian Startup Bill provides for Intellectual Property Rights, an area that holds together not just the protection of the mental assets of a startup. But, also an avenue to monetise the efforts, work and ingenuity that a founder has poured into it.
Section 34 of the Bill provides for the protection of the Intellectual Property Rights of Startups.
The Nigerian Startup Bill On Intellectual Property Rights
This section of this start-up bill contains four subsections.
Firstly, Subsection (1) contains the council’s acknowledgement of the importance of intellectual property rights towards the growth and development of a startup.
Secondly, Subsection (2) provides that the Secretariat shall ensure that holders of intellectual property rights are encouraged to exploit these rights, the Secretariat shall also take steps to assist startups in internationalising and commercialising their rights.
Thirdly, Subsection (3) is to the effect that, the Secretariat shall collaborate with the Nigerian Copyright Commission and the Trademarks, Patent and Design Registries, in ensuring that they:
(a) designate a separate section on the Startup Portal to ease registration of intellectual property for labelled Startups;
(b) provide assistance to labelled startups for facilitating the application for grant or revocation of patents and institution of legal action for infringement of any intellectual property rights;
(c) facilitate assistance to labelled startups for the filing and registration of their trademarks and patents at the international level.
Lastly, subsection (4) provides that the Secretariat shall further collaborate with the Nigerian Copyright Commission and the Trademarks, Patent and Design Registries to ensure that registration and protection of intellectual property of labelled startups is seamless, expedited and in accordance with the provisions of the Act when passed.
We find these aids to be offered to Nigerian startups essential, especially with regards to the institution of legal action for infringement of any intellectual property of technology companies and also helping startups internationalise and commercialise their rights.
In today’s world, intellectual property protection contributes a great deal to the growth or death of a business. Developments such as these by the Nigeria Startup Bill are commendable.
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