The Importance of Protecting your Intellectual Property
Protecting Your Intellectual Property
According to the World Intellectual Property Organisation, one third of the value of the products we buy comes from intangibles like Intellectual Property. Intellectual Property spurs innovation and drives growth in the economy.
Our specialist Solicitor, Ana Kocmut-Saunders, is on hand to explain the importance of Intellectual Property protection for your business and your brand.
What is Intellectual Property
Intellectual Property (IP) is a category of property resulting from human creativity. It is divided into two classifications. The first is Industrial Property, which includes patents, trademarks and geographical indications. The second is Copyright, which encompasses works of literature, films, drawings etc.
Benefits of protecting IP
IP rights allow creators & owners to benefit from their own work and investment. This gives owners a legal right to stop others from using their property without their permission. Through IP rights, holders set their business apart from their competitors by being recognised as a reputable supplier of goods and services.
The main goal of any business is to make a profit and IP rights, if protected and maintained properly, provides business with a revenue stream. Therefore, the risks of not protecting your IP can result in damage to your business and your brand.
Different types of IP protection
There are different types of protection depending on what was created. Under UK Law, some types of IP protection are automatic, whilst others you must apply for. Copyright is an example of automatic IP protection after the creation of music, literature or some other artistry and lasts for 70 years after the author’s death. Whilst Trademarks must be applied for and confer protection for 10 years.
Importance of seeking legal advice
Only through seeking legal advice can you ensure your business is fully protected from unfair competition and counterfeiters. Small businesses often make the mistake of not seeking legal advice on protecting their IP to save money. However, not protecting your IP can leave your business vulnerable, which can mean significantly higher legal costs down the line.
How we can help
For more advice on protecting your Intellectual Property, contact a member of our IP, Anti-Piracy & Compliance Team for dynamic, professional advice.
Telephone: 0333 231 6405