Partner Article

Discover and protect your Intellectual Property

You could be losing both money and opportunity if you fail to protect or overlook the value of your IP or Intellectual Property (copyright ownership can be transferred here).

Because IP is usually an intangible and not able to be seen or touched, its value is often ignored. And that can cause a business a lot of problems.

For example, a competitor could take advantage of your competitive edge and you could end up with a legal infringement of what you had created in the first place!

But IP discovered, well protected and managed can dramatically contribute to your business success.

What is it?

A good definition of IP, along with excellent advice, can be found at the UK Intellectual Property Office website.

“Intellectual Property is generated through intellectual or creative activity. It includes the 4 elements of patents, trademarks,
copyright and designs. Like all property you can lease it, license it, give it away or sell it.”

Taking the right steps

First brush up on your knowledge with the help of the IPO site.

I’ve presented many business seminars across the whole of the UK working with the IPO team and know first-hand how
valuable their service is both in protecting you and in helping you avoid problems.

For example, one day at a seminar in Ipswich a small businessman was ready to launch his new service and spend
£35K. He had taken so-called “business support advice” but no-one had suggested checking to see if there was another
similar brand in the market-place. The IPO team quickly checked, saw a problem and saved that entrepreneur £35K.

What should I know?

Ask questions across the 4 elements of IP.

Patents can protect your invention but do remember they are usually granted as territorial rights. It can be expensive and take 3 to 4 years to be granted.

Trade Marks are signs such as logos, pictures or words, which distinguish you from other traders. You can register your trade mark and use the ® symbol or not register and use the ™ symbol.

Copyright is about the expression of an idea not the idea in itself and is an automatic right. Use the © symbol followed by your name and date.

Design is about the physical appearance of an item or part of it. It is about the appearance not how something works so it may include lines, colour, shape, texture even material. There are several ways to protect your Design IP.

What should you be doing?

• Get a basic understanding of IP from the IPO website.
• Look inside your business to see where any of the 4 types of IP may be “lurking”.
• Assess their value and opportunity.
• At the least take advantage of any free protection such as © and ™ but do consider taking good legal advice to get good protection.

This was posted in Bdaily's Members' News section by Malcolm Gallagher .