Businesses survive by being good at what they do, which often involves doing things in original or distinctive ways. But success inevitably leads to imitation, and most small firms need to take some steps to minimise the danger that imitation can cause harm to their business interests. The danger of a business losing control over the economic value of its assets is likely to be greater when those assets can't be seen or felt - in other words, when they are intangible.
Businesses protect their IP because it offers them an edge over their competitors, excluding others from doing something that interferes with or competes against a part of their business. IP can also offer potential additional revenue sources such as licensing someone to manufacture a product, or leasing a name, logo or slogan to another organisation.
Certain businesses, because of the way that they operate, may need to pay particular attention to IP matters: for example, those firms involved in franchising will always need strong IP protection because franchisees are expressly purchasing the right to use trade marks, copyright protected material and occasionally patent protected inventions in the course of their business.
Protecting your brands
Trade marks are so much more than just words and logos. Since the introduction of the Trade Marks Act 1994, applications have been made for a wide range of business identifiers including slogans, colours, sounds, shapes, domain names and even actions like the person tapping their back pocket at the end of the ASDA commercial!
Most business own some form of trade mark, even if it's just their business name, and in many cases they've decided it's not worth protecting with a registered trade mark. The more valuable their trade mark becomes the more puzzling this decision is because it's never been easier or cheaper to file a trade mark application. In October 2009 a new online fee, which reduces cost of filing by 15%, to only £170, and the launch of Right Start has help businesses reduce their up-front filing costs.
Right Start enables an applicant to pay half the filing fees, a minimum of £100, and receive a report from the Examiner telling them whether the application is acceptable or whether they've raised objections. It's only after reading this and deciding that they want to go ahead, that the applicant has to pay the remaining half of the application fees.
Inventions and ideas
Inventors and their ideas have never had a higher profile and with the success of television programmes like Dragons' Den and The Apprentice, this trend looks certain to continue well into 2010.
Patents protect products and/or processes that are new and inventive and which can be used in industry. They enable their owners to stop others using the process or products protected whether or not the owner is using the process or using the product, and whether or not the 'infringer' is a direct competitor or is simply a player in the market place. A patent gives its owner the right to stop others producing, using, importing or selling the specific items which fall within the definitions protected by the inventor or his company.
It's this potential to obtain a 20 year long legal monopoly, why patents can be so valuable to an individual or business. There's no doubt obtaining a patent can be an expensive and time consuming process, the IPO's fees are £170 for an application but you should factor in £3 - £5,000 if you decide to employ a Patent Attorney, but the end result can be a very valuable asset for your business.
The IP Healthcheck
Many people who contact the IPO ask if they can "patent their trade mark" or can "file to register their copyright"! The mix of different IP rights does cause confusion and the fact that many of them overlap doesn't help business form a clear IP strategy.
To help work through this minefield, the Intellectual Property Office IP Healthcheck tool offers a step by step questionnaire intended to help businesses identify the types of intellectual property they own and might be worth protecting. It functions as a guide to all four elements of IP, Patents, Trade Marks, Designs and Copyright, and gives some helpful tips and advice along the way. Going to the IP and answering the questions on each IP element should take no more than 10 to 15 minutes and if it isn't completed all in one go, then simply log back in and pick up from where you left off.
Once you've run through the questions a confidential report, that can be emailed, printed, or saved as a PDF, will be generated. It identifies areas you may need to focus on, or where you may be weak, and helps you plan to make the most of your intellectual assets.
For more information please visit www.ipo.gov.uk or call 0845 950 0505
