'Back of napkin' contracts to avoid IP spats
When business ideas are born over a few drinks with friends, who-owns-what can become a murky argument down the track.
Intellectual property spats often strike entrepreneurs in the burgeoning tech start-up community – having collaborated on a new website or mobile phone app without any formal contracts in place.
What happens then if the project goes well, there’s an offer on the table to buy it, and the team members can’t agree on whether to sell or not? Or perhaps one team member isn’t pulling their weight and the others want to move forward without them.