Business Monitor
Protect your IP – it’ S
o just what is intellectual property and why does it matter to a small business like ours? Surely this is just something for big rock stars like Elton John or mega-rich business owners like Elon Musk. No, sir, madam, this is for everyone. You can take that quite literally – pretty well everybody has created intellectual property at some time and very few of us have done anything to protect it, or even know why and how they should. It is potentially time- consuming but it should be, because it matters. Making proper protection is simply another form of insurance (yet another!). It is about stopping someone else from stealing or copying such as the following: the names of your products or brands; your inventions (i.e. your ideas turned into reality) the design or look of your products; things you make, produce or write. Hereʼs an example: when Ford launched the Sierra lawyers for a little known company called Dutton who made kit cars came calling. In broad terms they said ʻAhem did you or did you not know or indeed check that there is a car on the market called the Dutton Sierra?ʼ The number of noughts on the cheque appears to be a well-kept secret but it would have been many. One may also assume that a lot of P45s were issued at Ford and its lawyers, marketing agencies etc.
Mental or physical work Not that long ago Apple had to pay out over $100 million for a similar legal infringement. Once again you can but assume that a lot of heads rolled. Even for the worldʼs first trillion dollar company, $100 mill ainʼt hay. So whatʼs included? Itʼs actually quite a lot. In essence it is something which you create as a unique thing. It has to have physical form – an idea on its own is not intellectual property. Basically you have to do some mental or physical work. The idea for a musical, brilliant though it might be, doesnʼt count – you have to write some lyrics and music. You own intellectual property if any of the following applies: you created something and it meets the requirements for copyright or a patent; you bought intellectual property rights from the creator or previous owner; you have a product that has a well known and established brand name.
www.printwearandpromotion.co.uk
Protect your IP – it’s worth it
In the film Dirty Harry, Clint Eastwood had one of the all time great lines from the movies: “Opinions are like assholes; everybody’s got one”. Funnily enough nearly the same might be said for intellectual property. So many individuals, especially if they run small businesses, own intellectual property and – here’s the killer blow –very many of them don’t know they do or what to do about it.
Marketing expert, Paul Clapham, outlines what you can do about protecting your IP.
Intellectual property can be owned by more than one person. It can also be owned by a business. It can be sold or ownership transferred to a new owner(s). I have read however that agreeing a valuation on intellectual property can be extremely difficult – it is by definition unique, which is something the seller wants reflected in the price. Thereʼs a good argument that says donʼt bother and itʼs supported by some serious case histories. Philips made available the compact cassette to everyone who wanted to use it. Similarly, Microsoft made their software platforms available to all IT designers a decision that has made Bill Gates $100 billion.
Protect your IP
So you protect your intellectual property. You do this in various ways, some free, some not. Since free is everybodyʼs favourite price weʼll start there. Copyright and design right are both automatic. The former covers written works, art, photography, films, TV, music and web content
Design right is more complex since it covers the shape of objects. Some of this can be the sort of ratʼs nest that makes lawyers rich if two parties decide to fight. Approach with care if you believe yourself cheated.
Protection you have to apply for and pay for includes trade marks, registered designs and patents. Trade marks are typically for product names, logos, jingles and the like. Registered designs over the appearance of a product including the shape, packaging, colour scheme and overall appearance. Patents are right for inventions and products. That could be anything from a brand new machine, through a machine part to a box specially designed for its purpose as applied to one client of mine. Consider getting the help of an expert. Certainly find out what that would cost – it could save you sleepless nights and save money too in the long term. Start by looking at the IP Equip service to make clear what sort of intellectual property you have. Consider talking to a lawyer who specialises in trademarks or patents; initial consultation is usually free. Go to the British Library Business and IP Centre, Bloomsbury, London. There are local events addressing IP – ask the British Library whatʼs available to you. Even if you are a long way from London, I suggest itʼs worth the trip.
August 2019 | 15 |
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