Defining An Intellectual Property Strategy For Your Business: Top Tips

Defining Your Strategy

You should bear in mind firstly that there is no “one size fits all” strategy as far as intellectual property (IP) is concerned. Your strategy should be carefully tailored to the needs of your business. You should think about the industry and market sector in which you are active, the level of risk you want to take, what financial means you have at your disposal and whether your IP portfolio is to be used as leverage when seeking finance. The guide below provides a brief outline of key IP areas of focus.

Trade Marks

You should think about any trade marks you use or plan to use, and seek to protect these at the earliest opportunity. Another thing to consider is whether you are offering a range of products or services under one “family” brand, which can also be protected by a trade mark. You should always consider professional advice on choosing distinctive word and logo trade marks. Carrying out searches at an early stage is also a good idea, so that you can check that your marks won’t infringe the rights of other parties. This is a fairly simple task, and can be done professionally, which can prevent legal issues arising. It is also important to consider the countries where you want protection, and any other emerging markets that you may enter in the future.

Patents

If your business involves developing new products and services with a technical element, patents may offer the best protection. You may consider introducing a “new invention” procedure, perhaps with inventor rewards, to identify innovations at an early stage so that you can make effective decisions about patent protection. It is also important to educate your staff on the importance of confidentiality, as a public disclosure before filing a patent application can have severe consequences. Optionally, initiate a patent search to check that the idea is patentable, or to find similar ideas already known. Do you have key competitors abroad? If so, consider patenting in their home countries as well as in your major overseas markets. It is wise to budget for ongoing costs over the 20 year life of a patent, including renewals after grant.

Design Rights

In creative industries where product appearance is important, consider registered design protection. This can be a cost effective way of protecting multiple different designs. It may be worth establishing a review procedure to decide at an early stage if and where a new design should be protected by registration, or whether it is sufficient to rely on unregistered design rights (UDR). UDR is a free right which lasts for 10 years in the UK and provides useful protection against direct copying.

Other Key Areas

Make sure you know who owns the copyright in material you use. It is also important to consider who has access to important business information, and to keep this confidential within your business. Additionally, an IP audit can help you identify all your business’s valuable information and help you to develop an effective IP strategy. Contact the Murgitroyd team to help define an effective IP strategy for your business.