From start-ups to established international corporations, intellectual property (IP) can seem overwhelming for all businesses. However, IP is a very valuable and essential part of your business. You should consider intellectual property from the beginning of your business journey rather than waiting until a problem arises, but many fail to do so. In this article, we look at the most common mistakes UK businesses make when it comes to IP and how you can avoid them.
An important first step when starting a new business or developing a new product or service is to conduct the proper research into what is already out there. What similar concepts exist? Who are your competitors, and what are they doing? Do you need a licence or permission for any part of what you are planning? It can be easy to get caught up in moving the project along, but to avoid costly IP disputes, early research and investigation are crucial.
Failing to protect your brand, logo, products, or services can be a very costly mistake. Many businesses register their name with Companies House and buy up all the domains with their name – but this is not enough to protect your business. Quite simply, if you fail to register a trademark, someone else can. Many businesses trade for years without protecting themselves, only to find a competitor registers a trademark for their services. Going through an unexpected rebrand is not only costly but can harm the reputation and goodwill of your business.
Registering a trademark with the Intellectual Property Office is a straightforward and essential step. Taking such action can also help you to avoid unknowingly breaching another party’s intellectual property too. As part of the process, you will need to research registered trademarks and determine whether any businesses, products, or services may already have registered trademarks that are identical or too similar to the ones you wish to use.
There is good business reason to protect your intellectual property. A recent report from the European Patent Office and European Union Intellectual Property Office outlined that SMEs that have filed at least one intellectual property right are 21% more likely to experience a period of growth following the filing. Fortunately, with the help of a professional, it is straightforward to proactively assess the intellectual property you might need and plan for the process and costs.
We regularly see intellectual property disputes arising out of matters of ownership. When a contractor has been instructed to design or develop a design, product or process, it is essential to consider who owns the end product. You may assume that as you are commissioning the work, you become the owner of the end result – but this isn’t always the case. Without a properly drafted contact with the right intellectual property clauses, you could leave yourself vulnerable to an intellectual property dispute.
In most businesses, confidentiality is key. Information about your products, services and business direction can be very valuable, and keeping this confidential can give you an advantage over your competitors. As a result, it is vital you consider taking steps to protect confidential information.
If you have invented something which could be patented, you must not under any circumstances disclose details of your invention to the public before filing a patent application. We understand that you are excited and want to get potential customers interested in your invention, but such action could halt your patent protection bid.
Of course, you can talk to third parties in confidence about your invention, and you will likely need to speak to third parties about your invention in order to get other parts of the business moving along. Under these circumstances, you should ensure you get them to sign a properly drafted confidentiality agreement.
Our lawyers really know their stuff when it comes to intellectual property protection and work alongside a trusted network of external IP specialists to ensure you receive the best service possible, including a number of experienced patent agents.
Although primarily based in the UK, we have several offices in Europe and a large staff of lawyers who are fully conversant with the IP laws of a vast array of countries. For more information on our IP protection services, please contact Olexandr Kyrychenko, Marcin Durlak or Mark Houghton on 0330 107 0107 or email us at business@imd.co.uk.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.
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