At the core of every technical and knowledge-based business is intellectual property (IP). One of a business’s most important assets is your IP. But you need to know how to recognise and protect your IP to make the most of the business opportunities and advantages it gives you.
IP rights are legally enforceable rights that can help protect commercially valuable ideas, secrets, concepts and reputations. Each right protects distinct aspects of a new product or innovation. Have you thought about trademarking your brand, patenting your innovation, registering your design or even copyrighting the way you express your idea?
Consider this
What does a new small business do when established players decide to use their brand to muscle in on the new game? A registered trademark or patent could help fend them off, or make the small business an attractive acquisition for a larger, existing player.
When Apple’s iPod supplanted Creative’s Zen, Creative’s patents brought more than its player.
When Apple’s iPod supplanted Creative’s Zen, Creative’s patents brought home a $100 million settlement from Apple – more money than Creative’s player.
IP also comes from an eye for an opportunity. When competition becomes strong, IP will help a business to maintain bigger margins for longer. A Thai drink featuring two red bulls butting heads was turned into the global, multibillion-dollar Red Bull empire. Faced with intense competition, it has stayed ahead by strong brand protection.
An IP strategy is important
A starting point for making sure you protect your IP properly is to have a plan.
Here are some tips for you to consider:
- Your IP strategy must align with your overarching business strategy.
- Be clear about what your commercial objectives are.
- Get a working knowledge about ‘what IP is’.
- Make informed decisions about IP protection – find out what rights work best for you.
- Don’t collect a portfolio of IP rights that do not add value to the business.
- Use IP databases to collate information about your competitors.
- Seek professional advice early so that the potential of any IP can be assessed.
Blair Beven, partner, trademark and branding specialist, AJ Park, www.ajpark.com
