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Intellectual property (IP) assets are among the most valuable that many businesses own. They include assets related to a company’s brand, vital for immediate success in building relationships with customers, and for sustained growth by nurturing a reputation. IP laws also protect a business’ ideas, inventions or creations, which can help it to retain a competitive edge.
As such, it’s crucial for businesses of all sizes to learn what assets are categorised as IP, and how they can use the law to safeguard these assets against imitation by competitors. While most businesses understand the IP basics, they often overlook essential protective measures that can boost their asset value and protect their reputations.
The worth of legally protecting IP is evident, but as a company expands, its brand can turn into one of its most prized assets. Proper protection lets owners monetise their assets and exploit them to their full potential, while also restricting competitors from trying to lure customers away through imitation.
In this article, the experienced intellectual property lawyers at JMW Solicitors outline the types of IP protections that exist, summarise which assets qualify for legal protection, and explain how businesses can go about securing their intangible assets.
What are the types of IP and what assets do they protect?
In the UK, there are three main forms of legal safeguard designed for intellectual property, and these apply to a range of business assets. Each form of protection applies to different types of assets, so it’s key to understand their functions if you want to ensure your firm’s intellectual property stays secure.
The first type is trade marks, which protect assets like business and product names, logos, jingles, slogans, catchphrases, and other assets related to a company’s brand identity. The second is copyright, which applies to written pieces of work, music, films or videos, software, and certain databases. Finally, there are patents, which protect new innovations and inventions.
We will cover all of these in detail when discussing how your business can benefit from these protections.
Trade marks
You must register an asset as a trade mark to benefit from protection. When you do so, the registered trade mark gives you sole permission to use your assets to distinguish and sell your products or services. Most businesses own brand-related items that could be registered as trade marks, and one of the most common assets that is registered is a company’s name. This prevents competitors from using similar names to sell products or services in your industry. Trade marks are jurisdictional, and if your company begins to trade overseas, you will need to register your assets again in the new territory.
Copyright
Copyright applies automatically and does not need to be registered. In general, it applies around the world. Ownership bestows exclusive rights to replicate, share, and show the copyrighted material. Many businesses believe that, because they do not make media products, copyright does not apply to them. However, it also covers product descriptions and promotional images, or any content produced for a company website. These assets are commonly owned by businesses from SMEs to large multinational corporations, across all sectors.
Patents
Like a trade mark, you must register for a patent to ensure a novel invention or improvement on an existing product qualifies for protection. Patents can cover inventions, designs (either functional or aesthetic), and other facets of product creation. Firms deeply involved in research and development usually have a lot to gain by patenting their ideas, as this gives them the exclusive rights to utilise and monetise their innovations for up to 20 years.
How can businesses get support to protect their IP?
Managing IP can be difficult, especially for a large business with a large portfolio or cross-border operations. However, even small businesses may be at risk of losing money or reputation if they do not protect and monitor their assets carefully. This means more than just registering your assets, but keeping an eye on competitors to make sure they do not infringe on your rights.
Working with an experienced intellectual property solicitor is one of the best ways for a business to draw more value from its intangible assets. A solicitor can help you to identify which of your assets have value, explain how to protect them, and even monitor them on your behalf – for example, by checking new trade mark and patent registrations, and advising you on the actions you should take if a new registration infringes on the assets you already own.
Taking a thorough approach to understanding intellectual property and the relevant protections is often the key for businesses to generate new revenue streams, build strong reputations, and thrive in their industries.
