Unlock the Power of Your Intellectual Property: Discover Free IP Clinics at Stevens Hewlett & Perkins
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Intellectual property (IP) is what you might consider to be the ‘invisible engine’ that powers modern business. Whether you are launching a start-up, growing a family business or managing a global brand, your success increasingly depends on how well you protect and leverage your intellectually property assets.
These assets encapsulate your ideas, your brand, your creativity and your invention.
Yet, for many entrepreneurs and business owners, IP remains a confusing and, at times, an intimidating subject.
What exactly is IP? How do you protect it? What are the risks if you do not?
To get you started, we answer the 10 most common questions about intellectual property below.
Intellectual property refers to the ‘intangible’ assets that make your business unique and valuable.
Unlike physical property, IP is described as intangible because it cannot be touched or seen, yet it is often the most important asset a business can own.
IP includes trade marks (your brand name, logo or slogan), patents (new inventions or processes), designs (the look and feel of your products), copyright (creative works such as fiction, photos or videos) and know-how (confidential business information).
These assets make a huge contribution to your business’s goodwill and competitive edge.
As with physical property, IP must be protected from copying, exploitation or encroachment by others.
Fail to do so and this can lead to lost revenue and possibly a damaged reputation.
In the worst case scenario, failure to look after IP properly could lead to the loss of a business.
It is important to understand what each ‘form’ of IP represents:
Each type of IP serves a different purpose and many businesses would need to protect more than one kind.
For example, a product that functions through patented technology may be known to consumers by its brand name (protected as a registered trade mark) and embodied by an ornamental physical appearance (protected as a registered design).
For trade marks, start with free searches on Google, Companies House and domain registries.
The next (and most important) step is a registered trade mark search at the UK Intellectual Property Office (UKIPO). A trade mark attorney can arrange and analyse a thorough search for similar names to avoid any infringement further down the line.
For patents, you must check if your invention is truly ‘new’. This involves searching patent databases (such as Espacenet) to see if your idea has already been patented.
Patent attorneys can arrange specialist ‘novelty’ searches to assess whether your invention would stand a good chance of being granted a patent.
Trade mark registration:
Patent Protection:
Both processes require careful planning and expert advice.
In the case of patents, the process requires the skill of a Chartered Patent Attorney.
For patents, confidentiality before filing is critical because public disclosure can destroy any chance of protection.
No. Both trade marks and patents are territorial rights. A national UK right only protects you in the UK.
Always conduct trade mark availability and patentability searches in any relevant territory before filing.
Both trade marks and patents are powerful assets because they ringfence your ‘space’ in the industry, attract investment and can provide you with substantial leverage in negotiations with buyers and investors.
Trade Marks:
Patents:
The key advice is to always act quickly and seek professional advice before taking any action.
If we could outline the key mistakes we see from our experience, it would be these:
Avoiding these pitfalls can save you time, money and stress.
There are certain golden rules to follow, such as:
Trade marks:
Patents:
Proactive management ensures your IP remains a valuable business asset.
A patentable invention must be:
Most importantly, keep your invention confidential before filing. Public disclosure can destroy your chances of obtaining a patent.
Taking care of its intellectual property is imperative for a business. IP should never be considered merely as a legal ‘formality’.
Trade marks protect a brand and its reputation; patents protect inventions and technical edge.
Both can be monetised, enforced and leveraged for growth.
You may be just starting out in business or already established and looking to expand internationally. Taking the right steps now can mean the difference between success and failure.
Whatever your situation, we can help you. If you have questions or need support, the team at Stevens Hewlett & Perkins is here to guide you on the path to success.
Do you have any patent questions or need help managing a patent portfolio? If so, get in touch with SH&P today.
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Did you know that Stevens Hewlett & Perkins offer free IP Clinics to any business...
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Robin is one of our specialist trade mark attorneys and is highly experienced
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