By Philip Partington, Partner, Intellectual Property, JMW Solicitors
Intellectual property refers to several types of intangible assets that are vital to the success of any business. Assets that are considered IP include brand elements like names, logos and slogans, and business assets like innovative ideas or any written, visual or audio works. Some pieces of IP can be extremely valuable when business owners recognise, secure and protect them. On the other hand, a lack of proactive management can render them exposed to infringement, which can affect an organisation’s reputation, its relationships with customers and, ultimately, its bottom line.
Even if you have a general understanding of how to protect your IP assets, there are some types of IP that are often overlooked for protection. For example, databases of customer information, content produced for your business’ website, and certain elements of packaging design can all be protected. Failing to do so leaves them vulnerable to IP infringement, which can have a significant impact on your business.
A comprehensive understanding of what the protections that are available and how they apply, the assets that qualify, and the mechanisms that allow businesses to take legal action is the only way to fully exploit the value of your IP. After all, securing IP relies on monitoring for infringement by other parties and taking any necessary steps to address and prevent this.
Here, the experienced intellectual property lawyers at JMW Solicitors outline the most common business assets that are considered IP, explain the legal protections that are available, and outline how you can take advantage of copyright, patents and trade marks to secure your brand identity and exploit its maximum value.
What aspects of IP does every business own?
Intellectual property can be divided into three subcategories, each of which benefits from a different type of protection: trade marks, patents and copyright. Many business assets will fall into one of these categories and be eligible for protection.
Trade marks are used primarily to protect brand assets and elements. The intangible assets that may qualify for trade mark protection include:
- Company name
- Logo
- Slogan or tagline
- Jingles
- Sound effects
- Product names
- Product and packaging designs
- Proprietary colours and shapes
You must register for trade mark protection. If you have not already done so, it may be useful to assess the value and eligibility of the assets you own to determine which ones you can register, and to what extent this would benefit your business.
To qualify for trade mark status, these assets must be original to you (meaning that they are not already owned by someone else) and be sufficiently unique (meaning that they cannot be too generic). It can also be expensive to register trade marks, so working with an expert intellectual property solicitor can often be the best way to manage your IP successfully and cost-effectively. They can advise you on preventing infringement and commercialising your IP, which can help you to enjoy its maximum value.
What other types of IP might businesses rely on?
If you invest in research and development, or create new products, your business may need patent protection. Patents safeguard inventions or improvements to existing products, and grant the owner the exclusive right to manufacture, sell or utilise their invention for a set period of time – up to 20 years in the UK and other jurisdictions.
As with trade marks, you must register your inventions for patent protection, and they must fulfil the same eligibility criteria. To qualify for a patent, an invention:
- Cannot be generic
- Cannot have been published or made available before
- Cannot be owned by someone else
- Must be unique to you and sufficiently different from other products
Additionally, you need to explain how your invention works when you prepare your application, meaning that you cannot protect something that is only an idea or concept.
The final type of IP protection is copyright, which applies to written, dramatic and musical works, audio and visual recordings, broadcasts, database structures and publishing layouts. While many businesses assume this only applies to companies that produce and sell media products, it may be relevant to anyone who has produced the following:
- Content for a business website
- Photographs or illustrations of products
- Written product descriptions
- Video, radio or podcast advertising
- Instructional videos or booklets
- A musical sting or song
- A proprietary database
Any of these assets may qualify for copyright protection. This applies automatically upon the creation of a work, but you must carefully monitor the actions of your competitors in order to prevent infringement and legally protect your creative work.
How should businesses manage IP?
Often, the best way to identify and protect valuable IP assets is to work with an expert intellectual property solicitor. They will be able to assess your businesses assets, identify those that are not suitably protected, and help you to safeguard them effectively. Registering for trade marks and patents can be expensive, and if you are unsuccessful, you must resubmit your application and pay the fee once more. A solicitor can apply their experience to give you the best chance of success in the first instance.
From there, you must proactively monitor the actions of your competitors to identify any attempts to infringe on your rights. This may mean competitors trying to copy your products or packaging to mislead customers, copyright online content to compete with your website in search results, or for another purpose. The risk of customer confusion and damage to your organisation’s reputation heightens when competitors create similar products to yours or imitate aspects of your brand identity, and it is vital to take action.
In cases where you suspect a business of infringing on your IP, it is crucial to engage a solicitor before responding. Any communication between you and the infringing party should be overseen by an expert to secure the best outcome for your business – you can affect your chances of success if you respond without securing legal representation.
The key takeaway is to understand how trade marks, copyright or patents can be used to safeguard your businesses assets, and the importance of vigilant monitoring and swift action in response to infringement. By doing so, you can safeguard your IP and continue enjoying its full value.