Intellectual Property (IP) can be a valuable asset for a business, promoting innovation and protecting your brand identity. It is an area that can be difficult to navigate but it is important to understand how to safeguard your assets and rights. Here’s how your business can master Intellectual Property…

What is Intellectual Property?

The term refers to a non-tangible asset owned by a business or individual. Non-tangible assets can include creations of the mind such as designs, symbols, names, images, literary and artistic works. These assets are protected by law to prevent unauthorised use for profit.

Intellectual Property is classified based on the type of creation it protects:

• Patents protect an invention by preventing other recreations and use. The invention must be an original creation and when a patent is filed it can protect the invention for the next two decades, after which it can be renewed.
• Trademarks are used to protect the unique identity of a brand from imitation. It protects logos, signs, colours, and even sounds. There are two different types of trademarks: registered and unregistered. A registered trademark is more expensive but offers comprehensive protection.
• Copyright protects assets such as original literary and non-literary work, recordings, broadcasts and published editions of work. A copyright prevents others from copying, distributing, renting, lending, showing or adapting your work.

Why is Intellectual Property important?

Whether you are a well-established company or a small business, understanding Intellectual Property is crucial. It not only protects innovations, inventions and the creators but also provides many additional benefits.

IP prevents unauthorised access to a business’ assets and only allows the creator to benefit from their own work, protecting against imitations and foul play. IP laws set out your rights and a framework for resolving legal complications if someone attempts unauthorised use of a protected asset or work such as a brand trademark, patented invention, copyrighted brand or product design, and domain registration.

How can patents, trademarks and designs be safeguarded?

Protecting your intellectual property means that it remains secure and exclusive to your business. Patents, trademarks and copyright can be registered to ensure legal ownership. However, obtaining IP rights may not guarantee that infringement won’t happen. In some cases, infringement can constitute a criminal offence.

As the rights holder of your business’ IP, you can take proactive steps to enforce it. This includes registering your IP if you haven’t already, conducting an audit to determine the value of your IP and obtaining legal advice regarding challenging illegitimate use.

Can IP rights be traded?

IP rights are territorial and, while in some cases countries may allow the extension of UK protection, businesses who want to trade overseas should consider obtaining IP protection internationally. This can be achieved by filing separate applications in individual countries or using an international process to file in several countries at once. Specific guidance is available on the government’s website and through its IP attachés.

Alternatively, permission to a company’s IP can also be granted to another party through a licensing agreement or sale. ‘Licensing-out’ allows other businesses to pay the IP owner royalties to use the IP in their territory, broadening the reach of the IP into different markets internationally and strengthening the product or content’s competitive position.

At Chambers Wales South East, South West and Mid, our team keep up to date with the latest developments and policies regarding Intellectual Property and how it affects businesses who trade goods and services domestically and internationally. The Chamber teamed up with member SH&P to deliver a webinar on IP on 26 February as part of a series of events to support members, partners and businesses in Wales.