In the Start-Up Entrepreneur Series, I will be taking a deeper look into some of the most common questions early stage founders face in putting together and operating their new businesses.
Every new company has (or hopes to have) assets of some kind. Some are physical. The retailer has his inventory, the service provider her equipment, the tech company its hardware. For others (or for other parts of the same companies) its intangible. Software, information, prototype designs. But while many companies don’t need to worry about the protection of these “proprietary” assets, for others it is an absolute necessity.
Today we’ll take a look at one of the foundational incorporation documents for these IP-based companies: the Proprietary Information and Inventions Assignment Agreement (“PIIA”).