Do you think you own any IP? Well you do!
So what exactly is IP and how can you use it to help your business grow?
Intellectual Property largely refers to the intangible assets within your business, some IP rights are automatic while others requires registration. So, what are the different kinds of rights:
Copyright
Copyright is an automatic right and arises whenever an individual or company creates a work. To qualify for copyright, the work has to be original and exhibit a degree of labour, skill or judgement.
Copyright also gives the author exclusive rights to do, and authorise others to do, certain acts in relation to that piece of work: the acts are:
- to copy the work, issue copies of it to the public, rent or lend it, perform, show or play it in public, communicate it or adapt it
You cannot copyright an idea! Your idea for a book is not protected, but the content of the written book is!
As a business owner, you can leverage your copyright to earn revenue by way of a licence. A licence is a set of permissions allowing the licencee to use your copyright under a set of agreed conditions. The licensor can earn revenue in a variety of ways through a licensing fee or a share in the licencee’s revenue.
Trademark
Trademarks, unlike copyright are not automatic and must be registered through the government’s intellectual property office.
Trademarks take many forms; for example words, slogans, logos, shapes, colours and sounds. The purpose of a trademark is to distinguish the goods and/or services of one company from another.
There are 45 internationally registered trademark classes. Classes 1-34 relate to goods and 35-45 to services. You can choose as many as you want when you first register.
Trademarks should not be descriptive and must not include common surnames, among many other things. The best way to find out what copyrights you have in your business is to do an audit.
Design Rights
This is another type of right that can be registered. It protects the 2D and 3D look and feel of a product.
If you have launched a product before registering it, you have unregistered design right protection for 10 years after your first sale. However, registering your design gives you protection for cup to 25 years as long as you renew every 5 years.
All registered designs must have original characteristics. Design right protected the shape, colours, decoration, materials and design configurations.
Patent
Patents protect the concept behind an idea; the process, a formula, a programme or system. A Patent:
- Must be new – and never have been disclosed to the public before
- Must involve an inventive step
- Must be capable of being made/used in some kind of industry
Although registering a patent is a lengthy and expensive process, it can add value to your business through licensing and exploitation.
Never underestimate the value of IP to your business. There are a lot of ways you can repurpose what you already own and make extra revenue. Whether you’re a solopreneur or a big business, you may be surprised by the assets in your business just be doing an audit! Don’t delay!
For more details on Intellectual Property Rights you can visit the government website at ipo.gov.uk