Published: November 25th, 2015
We all know that
when starting a business, there are a whole host of procedures and
requirements that you need to remember and adhere to.
Often, thinking
about how to protect your intellectual property (IP) is the last
thing on your mind. But did you know that IP is one of the most
valuable assets your business will own? It could account for over 70%
of the value of your business and you can use it to generate the
income you need for growth.
Learn from
their mistakes
We hear businesses
say that venturing into the realms of IP for the first time can be
daunting. But the most important thing to remember is you’re not
alone. Many hundreds of thousands of businesses have gone through
this process before you. They’ve encountered every imaginable
problem, raised every conceivable question and fallen at every
hurdle.
So why not take
their experiences on board and learn from their mistakes? After
hearing so many IP horror stories, we’ve pulled together some IP dos
and don’ts to help you avoid the same pitfalls.
DO:
-
Think about
IP from day one – research your ideas thoroughly before proceeding
-
Consult an IP
attorney/professional every step of the way
-
Register your
brand as a trade mark
-
Ensure
employee contracts state that IP created is owned by the company
-
Put
agreements in place with third parties to establish the ownership of
any IP created
-
Keep new
ideas out of the public domain and ensure all employees know the
importance of confidentiality
DON’T:
-
Assume IP
isn’t relevant to you – every business owns or uses some form of IP
no matter the industry or area that they trade in
-
Try to trade
off the back of other people’s trade marks as this could result in
costly legal proceedings
-
Copy or use
the work of others without gaining the required permissions or
licences
-
Wait until
your business is successful before registering your IP as it may be
too late
-
Think a
behaviour is legal just because ‘it’s what others do’
-
Mistake the
use of something online as proof of ownership
The Intellectual
Property Office (IPO) is the official UK government body responsible
for intellectual property (IP) rights including patents, designs,
trade marks and copyright.
You can find out
more here
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