Feeling Anxious About Intellectual Property?

Kevin Toner, Head of BD and Marketing at Murgitroyd, aims to put minds at rest when tackling the crucial subject of IP.

The right IP advice is crucial to your business

Experience has taught me that a lot of SMEs get anxious when taking their first foray into the wonderful world of patents, design protection, copyright and trade marks. So how can this anxiety be overcome, given that Intellectual Property (IP) rights play such a crucial part in a company’s innovations, brand development or new product strategy? Recent research has shown that there is a tendency for SMEs to go to their accountants for that first IP advice, as they know it will require some level of investment. They also want to better understand things like government grants, R&D tax relief or the potential for external funding.

The next step is usually contacting their existing legal advisors, who will hopefully explain the importance of speaking to a qualified Patent or Trade Mark Attorney, particularly one who specialises in their specific industry or sector.

IP Attorney, IP Solicitor or IP Lawyer?

It’s worth noting that there is a difference between Patent and Trade Mark Attorneys and IP Solicitors or IP Lawyers, although they often work closely together. In short, a Patent or Trade Mark Attorney specialises in obtaining IP rights for Clients, whereas IP Solicitors typically specialise in in-depth litigation or licencing issues related to IP rights. Patent and Trade Mark Attorneys can also help provide certainty that any new products or brands don’t infringe on the IP rights of others. They’ll work with you and your IP Solicitor to protect your innovations, allowing you to monetise them more effectively.

So it’s really important that you check your IP advisors are actually qualified Intellectual Property Attorneys, as this will save you both time and money in developing the most effective IP strategy for your new invention, technology or brand.

A good place to start

Most specialist IP firms will offer some initial advice for free, we certainly do at Murgitroyd – and our attorneys are experts in dealing with those early stage discussions, helping to guide you on the most relevant IP path and providing clarity on what the process is and what it’s likely to cost.

Our Attorneys are used to talking with all types of people – from sole proprietors to Chief Execs, CFOs to brand development experts, R&D leads to engineers. We’re also aware that the person responsible for a company’s IP may potentially have little or no experience in managing or fully understanding the IP process – so we’re always on hand to take them through these vital, early stages.

Our Attorneys come from a broad range of scientific and industry backgrounds and are excellent listeners, analysts and communicators. They’ll work with you to create and develop your IP brief and strategy, to ensure you get a costeffective, professional response. IP Attorneys are expert at teasing out the relevant information they need to identify everything that your IP rights should cover and they’ll provide you with a robust plan to ensure your IP protection adds value to your business and helps put your innovation ahead of the competition.

Understand your potential – and your limitations!

The key to any successful IP strategy is to get this good advice early, before you fully commit to a plan, project or further financial investment. You have to make sure you fully understand both the potential for your innovation or new product and, just as importantly, the limitations that it may have. At Murgitroyd we’ve got decades of experience of working with SMEs. We offer clear advice in plain language and we’re happy to take on your initial enquiry for free.