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As a business in the UK, you need to consider an intellectual property strategy as part of your business plan. Intellectual property is a valuable asset independent of any other aspect of your business and should be a priority. This article will discuss why an intellectual property (IP) strategy is essential to your business.
What is an Intellectual Property Strategy?
An IP strategy is a business plan to manage and grow intellectual property.
Whilst IP consists of intangible assets; a strong IP portfolio can enhance your branding, increase visibility in your market area and build a strong reputation with your consumer base. A strong IP strategy can provide you with a competitive edge compared to your competitors and assist you in consistently building your brand.
It is essential when building your strategy to recognise the diversity of types of IP, including:
- trade marks;
- design rights;
- patents; and
- copyright.
Each type of IP serves a different and unique purpose; therefore, your strategy will depend on how you wish to use each kind. This is why you may need assistance from intellectual property lawyers to design your IP strategy effectively.
It is likely your business has different assets that could benefit from IP protection, such as:
- logos;
- slogans;
- product designs; and
- colours associated with your brand.
These are just a few examples of aspects of your business that can benefit from IP protection, such as registered trade marks or registered design rights. Once your property is protected, your business can use these assets better to grow the brand, such as through marketing materials, advertising, and usage of products or within services. For example, if you are a business that designs and creates products, it is essential to protect your designs so that other companies cannot copy and reproduce them. Copycat designs could damage your reputation among consumers and result in a severe financial loss. This is why it is essential to have access to redress and legal rights to support your ability to protect your products.
What is the Impact of an IP Strategy?
A strong IP strategy will organise your intangible assets and ensure they obtain the correct IP protection. This means you protect your brand. While trade marks and design rights can remain unregistered, they are best protected when registered with the Intellectual Property Office. They will be more valuable when the registration process is complete.
IP assets can often represent the majority of a business’s overall value. Therefore, if implemented correctly, a robust IP strategy can result in significant financial success for you. Therefore, if you ever wished to sell your intellectual property, you could generate a large sum purely for intangible assets.
It is wise to obtain professional assistance when deciding what your IP strategy will look like, as different things will impact this, such as:
- the nature of your assets;
- potential usage of your IP;
- business goals; and
- the intended growth of your business.
LegalVision’s Trade Mark Essentials Guide provides valuable information for any business looking to register or enforce a trade mark.
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Key Takeaways
Intellectual property strategies are crucial to all business owners in England. This is because once you have obtained legal rights over your intellectual property, you will be in the best position to protect your brand. IP assets are great marketing tools and can assist in creating and developing your brand across many industries and countries. However, it is vital to be aware of those who may infringe on your intellectual property rights. You should, therefore, equip yourself to protect your brand, and an IP strategy will assist your business in being ready to protect your IP assets.
.If you need help or advice around developing an IP strategy or discussing your options around protecting your intellectual property, LegalVision’s experienced intellectual property lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 0808 196 8584 or visit our membership page.
Frequently Asked Questions
An IP strategy is organising, protecting and deciding how best to utilise your business’s intangible assets. This could be a mix of trade marks, patents, design rights etc. and will hugely depend on the type of assets you own.
There is no legal requirement to have an IP strategy, but having one is a good idea. A professional intellectual property lawyer can advise what strategy will suit your unique business and long-term vision for your brand. However, your business will usually have greater financial success when an IP strategy is in place.
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