The first question a serious investor asks in diligence is not about revenue. It is whether the company actually owns what it sells. In our experience about half of early-stage companies cannot answer yes on day one. The good news is that it is usually fixable in a fortnight.

1. Founders and contractors

Code written before the company existed belongs to the person who wrote it. So does a logo drawn by a freelancer, unless the contract says otherwise. Both need a short written assignment to the company. We do these on a fixed fee.

2. Employees

Most employment contracts assign IP to the employer, but not all, and not always widely enough to cover side projects that later become the product. Check the clause before you need it.

3. Register the name you trade under

A company name is not a trade mark. If a competitor registers your brand first, you are the one who has to change. A trade mark filing costs less than a month of the marketing spend it protects.

4. Keep the secrets secret

Not everything needs registering. A process, a recipe or a pricing model is protected as long as it is treated as confidential: limited access, signed NDAs, and no slide decks left on the train.

5. Licence on your terms

If customers or partners use your IP, write the licence yourself rather than accepting theirs. Scope, territory, term and what happens on exit are the four clauses that matter. Everything else is detail.