November 08, 2011
Future economic growth depends on innovation. If you have a novel business idea – it could be a brand concept, a digital application or a way of simply doing something new – do not lose it to your competitors before you have the chance to turn it into cash. As lawyers dealing with intellectual property (IP), we see many innovations which are lost for lack of effective legal protection. Potential investors lose interest if they cannot see that the relevant IP rights that would protect your route to market have been firmly established. You might firstly want to consider what IP you may already have. It is often overlooked that copyright in artwork, photographs, drawings and software arises automatically. Advice should be taken however on copyright ownership and on other IP such as trademarks and design rights which can also exist without formality. None of these rights protect ideas in themselves but the scope of IP protection is constantly being refined by the courts. Registered trademarks and designs are significantly less expensive to obtain than patents. Respectively, they reinforce brand protection and protect the visual appearance of products as varied as fashion items and automotive parts. Obtaining patents costs money but a patent is the only means of protecting a new inventive product or process. It gives you an exclusive monopoly on the invention for a limited time. It is crucial to remember that the publication of the invention you want to protect will invalidate any patent before the application is filed. You should therefore ensure that that you have put in place a non-disclosure agreement (NDA) with any party if you need to discuss prototyping, technical development and licensed exploitation. Spratt Endicott Solicitors can advise you on all IP matters. We can also help with commercial confidentiality matters. If you would like to know more, please contact Laurie Heizler on 01295 204086 or email him at lheizler@se-law.co.uk.