Protecting the intellectual property is a must for any business. Even small businesses should be aware of the issues that could they face if their intellectual property was used by other organisations and/or individuals.
Wikipedia defines 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 recognized—and the corresponding fields of law.[1] Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.
So in this age of brand awareness that will (hopefully) have customers knocking on our doors, we need to protect ourselves. Our brand consists of logos, colours, images, business name etc. which has cost us a lot to procure and develop both in time and money. It makes sense to protect ourselves (businesses) from those that might want to take advantage of all our hard work.
In the UK Marcus Leach has reported on some new measures that the (UK) government will introduce to help small and medium sized businesses. This is part of the Innovation and Research Strategy for Growth.
Actions include –
A new online business advisor training tool that will give advisors the skills and information they need to help businesses protect the value of their intellectual property.
– An online register of advisors to help businesses find the right advisor for them quickly and easily.
– Consulting businesses, business advisors and IP specialists about how lower cost IP legal and commercial advice can be provided.
– Offering free intellectual property audits to businesses through routes such as the Technology Strategy Board.
As stated this is a UK scheme, however there may be a comparable scheme in your part of the world. Protecting IP is a complicated business and experts need to be consulted and used. This can be costly, however the alternative i.e. the loss of your brand or income could be worse. Often overlooked here, is succession planning or your exit strategy from your business. Surely your business will be worth more if IP protection is in place and working.
Check out with your local Small Business Bureau or local business agency if there is any financial or other help available to you and your small business.
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