Your business is likely to own or use intellectual property (IP). This may include your business name, logo, website, technical innovation, software, images and the look of your products to name a few.
These important assets, which often go unrecognised, could play an important role in the sustainability and growth of your business both domestically and internationally, and all businesses to protect their IP.
Hear from Caroline Sparks, co-founder of Turtle Tots as she talks about the value of IP to her business.
Why IP is important
Intellectual property assets can be integral to the growth and sustainability of a business. When properly managed, the value of your IP can far outweigh the physical assets, accounting for over 70% of your business’ value. There are four main types of IP:
- Designs – protects the overall look of a product including the colour, shape and texture. Find out more via this link https://www.gov.uk/intellectual-property/designs
- Patents – protects new inventions; how they work, what they do, how they do it, what they are made of and how they are made. Find out more via this link https://www.gov.uk/intellectual-property/patents
- Trade marks – protects brands, such as your business name or logo, and can consist of a word, phrase, picture or a combination of all these https://www.gov.uk/intellectual-property/trade-marks
- Copyright– protects written, dramatic, musical and artistic works including photos, recordings, software and databases https://www.gov.uk/intellectual-property/copyright
Below is a video regarding the importance of protecting your intellectual property.
Getting help with IP
The Intellectual Property Office (IPO) is the government body responsible for granting IP rights. Their business pages are full of guidance, case studies, events and information on where to access further support. Visit the site via this link https://www.gov.uk/government/organisations/intellectual-property-office.
The IPO also offers a range of interactive tools to make IP easy for businesses. https://www.gov.uk/government/publications/intellectual-property-for-business/ip-for-business-tools
If you would like further information or advice on IP, please contact us to speak to a dedicated Enterprise Adviser https://www.wearegrowth.co.uk/contact-us/.
You can also watch the video below from Business Support Helpline regarding how to trade mark and copyright.
Other useful links:
Growth hub providers – help with intellectual property https://wearegrowth.co.uk/search/?keyword=intellectual