February 22, 2023
Identify your IP
Firstly, it is important to identify and record the IP in your business. Identifying your IP may sound obvious but sometimes it can be overlooked where rights may arise.
The most recognisable types of IP in businesses include trade marks, logos and domain names. However, less obvious forms of IP include copyright in the text on a website, design rights in the appearance of a product and copyright in customer databases.
Manage your IP
Not all forms of IP can be registered, but where it is possible, consider taking steps to register your IP. For example, you can register trade marks you use in your business (such as your business name or the name of your product) at the UK Intellectual Property Office to protect your brand in the UK.
Even if IP cannot be registered, it can still attract legal protection and therefore it is important to still capture and record non-registered IP such as copyright and business know-how. Copyright arises automatically on the creation of the work and does not need to be registered in the UK. Copyright law in the UK protects original artistic, musical, dramatic and literary works, including computer programs.
Commercialise your IP
Once you know the value of your IP it can be used as collateral in the same way as any other assets. The type of commercial exploitation that will be most beneficial to a business will generally depend on its strategy and the type of IP involved.
Common ways to commercialise your IP include:
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