Intellectual Property Rights (IPR) and Innovation play an important role in a company’s business strategy. Those companies that protect and understand how to utilise their IPR can gain a significant competitive advantage especially in the current economic climate. In order to gain maximum commercial benefit from your IPR you must secure it properly.
IPR generally relates to trademarks, designs, copyright and patents but can also include ‘Intellectual assets’ such as specialist knowledge, company manuals and technical expertise. IPR are considered to be intangible assets and can be bought, sold, given away, licensed etc. and therefore should be taken account of on the balance sheet.
We recommend that initially, companies conduct an IP audit to identify their potential IPR and then determine the most appropriate means of protection. While there are costs involved in protecting most forms of IPR, there are some categories which are free, e.g. copyright.
There are four main types of Intellectual Property rights, and the type of protection you need depends on your product and what it will be used for. Some creations only need one type of protection, whilst others need all four:
Patents protect the features and processes that make things work. For example how a new security lock works, or the formula for a medical cream. Your patent enables you to profit from your inventions, and stop others from copying your creation without permission.
Designs protect the appearance of products and logos, its appearance, its texture, its colours. Whether you are designing a new pair of boots or a cruise ship, you should register your design with the Intellectual Property Office.
Your Trade mark or brand is important. Its what identifies your products and services . It tells your customers that these goods are yours. To protect your brand register it as a trade mark with the Intellectual Property Office.
Copyright is an automatic right which applies when your creation is finished and recorded in some way be it, written, visual or aural. Hence copyright protects film scripts, songs, website designs, and dress patterns amongst many others.
If you are based in the North West, we can offer IP support to your business.
Please contact us via our online form or call today on 0844 259 8571.
There are four main types of Intellectual Property rights,
and the type of protection your business needs depends
on your product and what it will be used for.
Some creations only need one type of protection, whilst
others need all four. We can help ensure your protected.