Today is World Intellectual Property Day which takes place to raise awareness of how patents, copyright, trademarks and designs impact on daily life and to celebrate the contribution made by inventors around the world.
It is the perfect chance to brush up on the importance of intellectual property in the development of a business and how it must be protected to ensure its ongoing success.
So, what can businesses do to protect their intellectual property and ensure they respect other people’s property?
Carry out checks early on
It is a good idea to carry out patent and trademark searches early on in the development of your business to see whether someone else has already protected them. It is better to know early and act accordingly, rather than finding out later down the line which could prove costly.
Develop a strategy
When you are making your business plans, be sure to include your strategy for intellectual property. Future investors to your business will want to know how you have protected your IP and how it will impact future income streams. Think about questions such as have you carried our patent checks? Are you planning on filing a patent abroad?
Keep on top of security
Make sure that your business IP information is secure, for example, keep documents in a secure place and password-protect sensitive documents.
Reach out
Regional business support providers can be a big help in supporting businesses where you can learn from others in business and how they protect their intellectual property. In England, each region has a Local Enterprise Growth Hub, while the UK Patent Library Network and Business and IP Centres can also help.
Protect yourself from theft
Make sure consultancy and employment contracts state that you own any intellectual property made for you.
Keep records
Make and keep records of the development of your own intellectual property, such as signed and dated copies of designs. This will be very useful should you need to protect your rights in the future.
Find out if you need a licence
If you are looking to copy a creative work, such as a photograph, film, or music, you must ask the owner for permission. For example, artists who want to remix an existing piece of music must see if the material is covered by copyright and whether a licence is needed to copy it. If so, you must carry out a diligent search to see who owns the work you want to copy.
Do you need help to protect your intellectual property? Contact our team for expert advice today.