Are you aware that the Intellectual Property within your business is a highly valuable asset, with the potential to generate income?
Intellectual Property is an intangible asset which protects the application of ideas and information of commercial value. It is considered a key tool that enables businesses to safeguard their unique assets whilst providing an advantage over competitors and differentiating you from other organisations and their products.
Intellectual Property can protect logos and brands through to products and services. Depending on your business and its related Intellectual Property, this can be done by way of trademarks, patents, design rights and copyright, to name a few.
In an ideal world, a business would protect their Intellectual Property at an early stage. When we first speak with start-ups or individuals putting those wheels in motion, our advice is always the same, consider Intellectual Property protection before that idea or product is commercialised as this may prevent third parties from trying to copy or replicate your idea. Such actions may have a significant impact on the potential value of your business.
Even if an idea or product is in the early stages of development and protection isn’t a consideration, we would always suggest you seek legal advice as basic actions such as entering into confidentiality agreements with third parties, may limit a competitor’s ability to copy your idea.
We appreciate that registering Intellectual Property is often easier said than done and in our experience it is common for businesses to focus their finances on other areas, often overlooking intellectual property with the view that it is too expensive or worth the risk. This could lead to costly and time consuming disputes with third parties who try to register your mark or something similar.
We know that it takes hard work, time and effort to establish a successful brand or popular product, but unfortunately some competitors will want to benefit from this to obtain an advantage. If this were to happen then not only do you risk losing value in this Intellectual Property, you may also lose your brand, product or idea. This could have a devastating impact on your business and may lead to loss of clients, loss of market share, slow growth and loss of revenue.
Is it therefore worth taking the risk?
Intellectual Property could be your most profitable resource and we consider it an essential tool for businesses looking to commercialise, expand and grow. It can also increase the overall value of your business.
It may seem daunting and time consuming, but protecting your Intellectual Property is crucial to a successful business.
Solicitor, Commerical and Intellectual Property at Berry Smith Lawyers
If you would like further information on intellectual property and protecting your business, please don’t hesitate to get in touch with firstname.lastname@example.org or any of Berry Smith’s Intellectual Property Team on 029 2034 5511.