Your intellectual property (IP) is one of your business’ most unique assets. Turner Little explains the importance of IP for UK companies.
Why is IP important?
IP refers to “creations of the mind” e.g. logos, designs, recipes etc. which are used for commercial purposes. IP can be protected under UK law through various means.
By safeguarding your firm’s IP, you can maintain any competitive advantage gained in your target market which is a direct result of your unique ideas. You can also utilise IP to create new revenue streams for your business by selling or licensing ideas and products to 3rd parties.
What does Intellectual Property include?
Many types of IP exist and can be registered in the UK. You need to know which type applies to your company in order to take advantage of IP law effectively. In the UK, the types of IP are:
- Copyright: This exists to safeguard original artistic, musical or literary works. Copyright can apply to things such as films, songs, photographs, books and even software.
- Patents: This type of IP is used to protect “novel inventions or processes.” Therefore, patents would apply to things such as medicines and machines.
- Trademarks: A trademark is used to protect symbols and words e.g. logos and product names. As specialists in this area, Turner Little can advise you on registering trademarks.
- Designs: Legally speaking, designs are utilised to protect the shape and appearance of a business’ product. This might apply to, for example, a shoe shape or a mobile phone design.
- Know How: This is defined by the Yorkshire Post as “secret information which is valuable to a business and can be protected by laws on confidential information.” Know How can include manufacturing processes, secret formulas and even something as simple as recipes.
How to protect your IP
First, review your firm’s products and services against the criteria for IP under UK law. With this information, you will be able to determine whether your business has an asset which could be registered as IP. In many cases (especially in terms of patents, designs and registered trademarks), you will have to file applications with the necessary UK IP offices to adequately complete this process.
It is important to remember that you must obtain IP in every country your business operates in, for it to be effective in every market you trade within. It can also be prudent to register these forms of IP in other nations for strategic purposes, as you may wish to operate within these markets later down the line.
Turner Little
You should make sure you register your firms IP as soon as possible, otherwise competitors could copy your unique ideas and register IP themselves and it is wise to employ specialist IP advisers. Turner Little provide trademark services for example if you wish to protect your company’s logo. Specialist companies will provide you with the bespoke guidance necessary to ensure you safeguard your venture’s IP in the most comprehensive manner possible.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider.
You can receive our monthly newsletter by signing up using the form below.
