A Simple Guide to Intellectual Property

Intellectual property (or IP) is a generic term for the intangible rights owned by an individual or business over property such as brand names, website designs and products. Although intangible, intellectual property can be sold, assigned, licensed much like ordinary property.

Intellectual property can be extremely valuable to a business but yet is often overlooked and not adequately protected. IP rights fall into four main catagories:

1. Copyright - copyright is an automatic IP right awarded over work such as literature, art or music created by an individual or company. It is denoted by a recognisable symbol ©. Copyright ensures that the owner controls when the work is published, sold or reproduced and who is allowed to use it. Copyright does not cover ideas, theories or methods, as the work protected has to be a physically permanent creation.

2. Patents - a patent protects an original idea, invention or product. The criteria for awarding a patent are that the object must be new, it must not be a scientific theory or process, it cannot be a form of medical treatment or a species.


3. Trade Marks - trade marks can be allocated to logo's, brand names which are used by individual and businesses. A trade mark identifies the entity as being owned and therefore it cannot be reproduced without permission from the owners. In order to receive a trade mark, the entity must be original, distinctive and should not already be used by a generic industry. It should not make reference to a particular product, the quality of a product or the geographical area of the business. 


4. Registered Designs - a registered design number is given to a design to identify its registration. It is displayed using a recognisable symbol ®. The design must be new, which means it must not have been published before. The registered number protects the design's distinctive features such as its colour, shape and texture. The registration is only effective over a specific geographical area, but does prevent others from not only using the same, but also similar designs.

These different forms of intellectual property can be registered and protected by applying online to the 'Intellectual Property Office', which is a government owned body. If registered correctly, your intellectual property could be protected for the following periods:

- Copyright: 50 years

- Patents: 5 to 20 years

- Trade marks: 10 years

- Registered design number: - 15 years

The benefits of having your Intellectual Property protected:

Copyright

- Protected for a long time

- Distinctive © symbol acts as a deterrent to infringers - Legal action for owner against infringement - Injunction or damages can be awarded - Can be licensed or sold

Patents

- Legal action against unauthorised replication of an invention

- Details of patent are publicly advertised, but are protected until the parent expires

- Injunction or damages can be awarded

- Can be licensed or sold

Trade marks

- Distinctive ® symbol acts as a deterrent to counterfeiters

- Counterfeiters run the risk of criminal prosecution if caught by Trading Standards

- Can be licensed or sold

Registered Design

- Gives the owners exclusive rights over the appearance of their own design

- Injunction or damages can be awarded

- Can be licensed or sold

Many businesses don't appreciate how much their intellectual property is really worth. If you're looking to protect intellectual property in your business, make sure you talk to specialist IP lawyers -- as this area of law is very complex.


------

Bonallack & Bishop are specialist IP Lawyers. If you need intellectual property advice contact one of their patent solicitors today. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and sees himself as a businessman who owns a law firm.