BUSINESS Link provides a broad range of tailored advice to businesses of all sizes and sectors.
One of the questions we are regularly asked by business owners is about intellectual property ... what exactly can be protected and how do you go about it?
Intellectual property (IP) is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognised.
Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary and artistic works.
You may be surprised at how many aspects of your business can be protected – its name, logo, designs, inventions, works of creative or intellectual effort or trademarks that distinguish your business can all be types of IP.
IP rights are possibly the most valuable assets your business possesses. They set you apart from your competitors, provide an important revenue stream if you sell or license them, offer customers something new and different, and can be used as part of your marketing and branding.
Some IP rights are automatically safeguarded by law, but there are other types of legal protection you can apply for and it makes strong business sense to do all you can to secure your IP.
Copyright – is granted to a person or organisation that creates published artistic work, including writing, film music and computer software. Unlike most other forms of intellectual property, copyright is granted automatically when the work is first published.
Patents – protect inventions, including the features and processes that make things work.
Trademarks – are symbols that differentiate between goods and services and can be logos or brand names.
Designs – can be protected by registering them and through design right.
Digital intellectual property – can be protected in other ways than using the law, such as encryption and using digital signatures.
David Dixon is business adviser for Business Link. Call 0845 600 9 006, visit www.bl-ne.co.uk or follow them on Twitter@businesslinkne.