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Intellectual Property - Top 10 Tips
Regardless of size and sector, every business is an owner of Intellectual Property Rights (“IPRs”). IPRs can be important (and increasingly valuable) assets of a business. The future success of your business could depend on you acting now to secure and protect your IPRs. Failure to adequately protect or enforce your IPRs is akin to not securing your property. It is estimated that last year UK businesses lost in excess of £150 million each week as a result of not taking steps to secure IPRs.
How you can start maximising the value of your IPRs now:
1. Conduct an IP audit - identify what IPRs are an asset of YOUR business.
2. Ensure that your company is the owner of the IPRs and/or has the right to use the IPRs it does through appropriate licences. What do your employment and supply contracts say?
3. Maintain an audit trail of when the IPRs were created and by whom. Retain and date all working drafts, drawings, versions and models.
4. How do you protect your employee’s creations? Register IPRs if appropriate (for example, with the Trade Marks Registry). Identify an individual with responsibility for any such registration.
5. Train employees to understand the value of IPRs and what steps they must take in relation to protect and maintain their value.
6. Take precautions on disclosure (internally and externally) of new ideas or confidential information.
7. Understand the value to others of your IPRs. Can you licence your IPRs to a third party? Can you raise capital on their value?
8. Be aware of your market. Respect other people’s IPRs. Make sure other people respect yours.
9. Take steps to enforce your IPRs should you find evidence of misuse - whether by a competitor or an employee.
10. A company can be prosecuted for incorrectly using IPRs, even in an apparently innocent context. Specialist guidance is recommended in respect of each of the above tips.
If you have any questions or require any assistance in relation to Intellectual Property please contact either
Joanne Shelley
joanne.shelley@brabnerscs.com
Jon Oakley
jon.oakley@brabnerscs.com
