Intellectual Property (IP) covers much more than just inventions and relates to any form of original creation. Unlike the products they protect, IP assets cannot be seen or touched.
So, it can be difficult for businesses to appreciate their true worth. While it may seem insignificant when starting out in business, we all too often see the damage caused by ignoring these facts. Imagine how it would feel to receive a letter ordering you to stop using your company name, as it infringes somebody else’s trademark. Or finding out when selling your business, its value is dramatically reduced because the IP assets aren’t protected?
Businesses create and use intellectual property all the time, sometimes without realising it. If you own a business you will own some form of IP, whether it’s a trade mark, patent, design, copyright or trade secret, it can far outweigh the value of your physical assets and therefore can account for a huge amount of your business’ value.
Take a quick look at your business card – did you know that it’s full of IP?
Even at first glance, there are three items that could be protected by IP rights – Your business name, your website and your logo.
Below are the four main ways in which you can protect your Intellectual Property:
Protects written or recorded material