Question
Some time ago some colleagues and I partnered up in a startup and worked on an idea for a mobile app that is now stuck in mid-development. Essentially, the main developer quit.
We are now looking into different options of how to proceed. One way we thought could be to simply monetize the current state of work and sell the software with code and any documentation. How could we do this? What kind of IP agreements would be necessary? What's the best way to generate an optimal return? Sorry for multiple questions, thanks!
Answers: 1 public & 0 private
This can be done in two ways, sell the company which holds title to the copyright, or assign the copyright to the buyer. Both require similar documentation, that the employees assign all copyright to the company, waiver of rights or non-compete from previous primary developer, a contract indicating what assets/rights are being transferred (including trademarks or trade secrets), and any ancillary data such as potential customers lists or beta testers. Getting 3rd party validation of the market is a good step but often hard due to uncertainty as to the traction (no working product). You have to realise that code alone might not be sufficient as the knowledge is embedded inside the brains so the contract may require being available to transfer the knowledge to the new owner.
Recent questions
I am looking for ...
3 6115 2