Top Tips: A guide to understanding intellectual property

By Mouse Design

Think of Intellectual property (IP) like owning a property, but instead of land or house, you own an idea, innovation, brand or creative expression. Just as property rights allow you to control and benefit from your asset, IP rights enable you to control and commercially exploit your intellectual creations. The aim of IP isn't to stifle creativity, but rather to fuel it. By granting creators protection over their work, it incentivises investment of time, effort, and resources into developing new ideas. This system fosters innovation and ultimately benefits society.

Why bother with IP?

So, why should you care about intellectual property? Well, outside of the obvious protection of your ideas, did you know there are other advantages?

Protection Against Copying: IP rights allow you to take legal action against those who attempt to copy or counterfeit your products and brand.

Adding Business Value: Having a good IP portfolio, will increase the attractiveness of your business to investors and should the time arise, likely increase the value of your business to potential mergers and acquisitions.

Additional Revenue Streams: Your IP can become a valuable source of income through licensing agreements. By granting permission to use your IP, you can generate royalties and expand your reach without direct involvement.

Building Brand Loyalty: When your brand is protected, you can confidently invest in building customer loyalty and recognition around it.

Navigating the IP landscape

The world of intellectual property can seem vast with each offering unique protection for different types of creations. So, here’s a quick breakdown.

Patents: Grant inventors exclusive rights for a limited time to their inventions. They typically protect the functional aspects of inventions, including processes and machines.

Copyright: Protects original creative works like literary, musical, and artistic pieces, as well as software. Protection is often automatic upon creation, but registration provides stronger legal proof of ownership.

Trademarks: Distinctive signs, such as brand names, logos, and slogans, used to differentiate goods and services in the marketplace. They protect brand identity.

Design right: Protects the visual design of products, including their shape and appearance. Unregistered rights offer automatic, short-term protection, while registered rights provide broader and longer-term coverage.

Trade secrets: Protect confidential information that gives a business a competitive edge, such as formulas and processes. Unlike other IP, they are not registered but protected through secrecy.

Eight things you might not know about intellectual property

Here are some key insights into the world of IP that you might find surprising: n Structured workflow considering all elements of Intellectual Property protection. www.mouse.design talk@mouse.design

1. IP rights are territorial: Protection granted in one country doesn't automatically extend globally. With 193 member states in the World Intellectual Property Organization, securing international protection can be a complex and costly process. Strategically plan your protection based on your geographical markets.

2. Patent novelty is key: You can only apply for a patent if your invention has not been disclosed to the public before your application date. Any prior public exposure can invalidate your patent application.

3. "Patent pending" Isn't a guarantee: The term "Patent Pending" simply indicates that a patent application has been filed. It doesn't guarantee that a patent will be granted.

4. The patent box: In the UK, the "Patent Box" scheme allows companies to apply a lower rate of 10% Corporation Tax to profits generated from patented inventions.

5. Copyright does not need registration: Copyright protection is automatic upon creation in the UK. You don't need to apply for it or pay any fees, so be aware of companies offering this service for UK registration.

6. Trademarks build brand recognition: Trademarks are specifically designed to protect your brand identity – the words, phrases, logos, and symbols that distinguish your goods or services in the marketplace.

7. Design rights can be automatic (but registration helps): Unregistered design rights offer a level of automatic protection. However, registering your design provides broader protection against independent creation of similar designs.

8. Trade Ssecrets can last forever (with vigilance): Unlike patents and design rights, trade secrets can potentially last indefinitely, as long as the information remains confidential.

The world of Intellectual Property offers a landscape for innovation and problem-solving, often holding untapped potential for businesses of all kinds. At Mouse, we bring an understanding of this landscape, helping our clients creatively navigate and leverage IP not just as an afterthought, but as an integral part of their design thinking process.

Strategically considering IP from the outset, businesses can unlock unexpected opportunities, foster innovation, and develop unique solutions to their challenges. Whether you're a service-based business seeking fresh perspectives on existing hurdles or looking to inject creativity into your next product launch, we're passionate about exploring how the power of IP can be an asset in your problem-solving toolkit. As fellow Chamber members, we're always keen to connect and discuss how these creative approaches can benefit your business – please don't hesitate to each out.