By Shireen Smith
Every business will have intellectual property to protect, although the actions to take will be very different depending on the business and the intellectual property involved.
Say you’ve invented some innovative way to solve a problem that no one else has managed to solve. In the case of Anywayup cup it was a baby cup with an innovative lid that didn’t spill. For C-Pen it was a pen that scans the text of a document directly to your computer. A patent is available in both these situations to protect your investment. Arguably, for product-based inventions a patent is essential because it gives you a legal monopoly in the invention. The patent, if well drafted, makes it difficult for others to copy your invention. Without patent protection well-resourced manufacturers could enter the same market once they realise you are onto something, and use their greater financial muscle to produce and publicise a similar offering.
Then suppose you have selected the perfect name for your invention and had a logo developed for it with an attractive design. How would you feel if you were to find out after spending time and resources promoting the name, that it couldn’t be exclusive to you because the name is incapable of functioning as a trademark? This is what happened to Tesco’s Clubcard. The name it chose for its loyalty program has proved impossible to protect. If this was you, wouldn’t you prefer to know about it in advance, so you could make a better choice? Or, say you find that the name is not legally available and you then lose everything overnight when a trade mark owner is able to put a stop to your continued use of your name? This is what happened to Scrabulous whose business on Facebook went up in a puff of smoke. And did you know that if you don’t take the right actions in relation to your logo, you could find yourself on the wrong end of a dispute as happened to Innocent who at one point lost the right to use their iconic logo. Would you have the resources to appeal such a decision as they did? These are just some examples of what can happen when you don’t get timely IP advice.
Every business has IP issues to consider because every business has a name, a logo, a website, a database of contacts and more. These are all intangible assets which are important to the success of a business.
What is IP?
IP is the collective name for the rights that protect creativity, imagination and ideas. It’s very wide ranging and the rules are often complex.
Trademarks identify your products or services, secure exclusive rights over the name of your business and contain the value of your brand. With the right name you can stop competitors stealing business away from you. Copyright is another essential intellectual property right. Every business uses copyright works because every business is likely to have a logo, website, brochures, photographs, packaging, software etc. Design protection is another type of IP right which is often overlooked. However, it is a powerful tool for protecting your market share and preventing competitors from copying your ideas.
The Benefits of Protecting Your Intellectual Property
Strategic decisions about IP should be made early in the business so as to make good choices of IP, and determine how best to protect yourself with your available resources.
IP presents both risks and opportunities. Used wisely, IP advice and protection
>> increases the value of your business,
>> helps grow your profit margins,
>> creates income streams,
>> attracts finance,
>> protects your market share,
>> prevents competitors from copying your ideas,
>> reduces future risks and liability (including personal liability of directors),
>> protects the effort you put into your business, and
>> gives you a legal monopoly.
Read More >> http://www.azrights.com/media/news-and-media/blog/intellectual-property/2016/12/what-is-intellectual-property-and-why-does-it-matter-to-you/
