Once you’ve set up your new limited company, you’ll want to protect things like your brand, your product designs and your content – this is known as your ‘intellectual property’.
Your company’s intellectual property (IP) falls into four broad categories:
- Trade marks – these are the elements that make your business stand out in the marketplace, and include things like your brand name and your logo etc.
- Patents – these are exclusive licenses that you own and which describe the unique way that your products work or function.
- Designs – these cover the shape and look of your products, and what makes them unique in the marketplace.
- Copyright – this covers all creative work you may produce, whether it’s written text, video content or software applications.
Protecting your IP
These IP elements are all seen as assets of your business – things that belong to you and add value to the business as a whole. So, as important assets, it’s vital that you protect them.
Protecting your IP stops competitors from copying your products and/or trademarks, giving you a competitive advantage. Some of your IP is automatically protected, and some will need to be covered by applying for specific protection of the IP.
Automatically covered:
|
Type of protection |
Example of IP |
|
Copyright |
Writing and literary works, art, photography, films, TV, music, web content and sound recordings etc. |
|
Design rights |
Shapes of objects |
Protection you must apply for:
|
Type of protection |
Example of IP |
|
Trade marks |
Product names, logos and jingles. |
|
Registered designs |
Appearance of a product, including shape, packaging, patterns, colours and decoration. |
|
Patents |
Inventions and products, e.g. machines and machine parts, tools and medicines. |
The process of applying for IP protection of your assets can take some time – for example, government guidance suggests it can take five years to successfully file a patent application.
So it’s worthwhile factoring your IP protection and planning into your ongoing business plan and making sure you’ve got the best possible cover for the IP assets that help you maintain your position in the market.
Getting help with your IP
You can find out what IP your business owns by taking the free ‘IP Equip’ course from the Intellectual Property Office – click here to use the IP Equip tool
If you’d like advice on finding a good IP law professional, give us a call on 01454 300 999, or drop an email to info@fd-works.co.uk
Find out more about the FD Works’ approach to finance at fd-works.co.uk