A business' Intellectual Property is one of its most valuable assets. It can increase a business competitiveness and contribute to its success.
Intellectual Property is often misunderstood and is easily overlooked. However, failure to protect Intellectual Property can place a business at risk and allow others to take a competitive advantage.
Due to the fact that Intellectual Property assets cannot be seen or touched, it is often difficult to appreciate their true value. Intellectual Property law is all about the protection of rights granted to the creators and owners of works including brand identity, creations, inventions and Information Technology software. The works can be in industrial, scientific, literary or artistic areas. If businesses do not protect their Intellectual Property Rights ("IPR") they will easily fall into the public domain resulting in the potential value in exploiting such items being diminished or lost. However, if the appropriate steps are taken at the correct time then the IPR can be protected.
IPR can be embodied within a surprisingly diverse range of items, such as:-
- brands and logos
- artistic works such as photographs, music, films, literary pieces, pieces of art and graphic works
- databases
- coding for computer and other Information Technology programs
- scientific and technical processes
- the 'get-up' of products including their packaging, and
- confidential information
Some protection afforded through IPR is granted by the law without a business needing to actively do anything, in other cases a registration process must be followed in order for adequate protection to be afforded. Artistic works, databases, product get-up and confidential information can be protected automatically by certain pieces of legislation. However, other items such as brands and logos, coding for computer programs and processes may best be protected through Registered Trade Marks or Patents, both of which require a registration process to be undertaken.
Protecting a business' Intellectual Property is very important for its success. The better a business protects its Intellectual Property, the easier it is to enforce its IPR. If others try to copy anything that has been protected or use it without permission, this is an act of infringement and appropriate recourse and remedies can be sought.
In addition, once the correct safeguards are in place, it is possible to buy, sell, franchise, license and otherwise exploit IPR, and to also protect a business against others copying, exploiting, stealing or misusing protected branding, creations and ideas with the law being there in support.
As well as making sure that a business protects its own Intellectual Property, it should just as carefully make sure that it does not infringe a third partys rights. Like any other form of property, you can buy, sell and licence Intellectual Property. If you want to use anothers Intellectual Property, you may be able to negotiate and come to an agreement, which should then be embodied in a formal written contract.
At Franklins Solicitors LLP, our Business Services and Litigation teams work closely together to advise both businesses and individuals on all aspects of the protection and enforcement that can be afforded to their branding, creations and ideas from both non-litigious and litigious perspectives. In addition, the Firm's Business Services team can offer sound commercial advice as to the various methods of exploiting IPR including agency, distribution, sponsorship, franchising and other licensing arrangements. As such, the Firm is well placed to provide strategic advice as to the availability of Intellectual Property protection and then how to identify and manage potential infringement.
For more information and help on any of these topics please contact our Business Services team on 01908 660966 or fill out our online contact form.
