Securing IP rights for a new product or design can seem like a big expense, but the benefits gained can be invaluable
Once you know you’ve got a product or a design worth developing, then you should start thinking about securing your Intellectual Property (IP) rights. As you start to develop your idea you can start to undertake your own basic internet searches to see if your product is already on the market.
From here you need to limit who you talk to about your idea or product. The IP disclosure rules mean that if you accidently disclose your invention then you won’t be able to get a patent and your options for protection will be extremely limited.
The next thing to do is to talk to an IP attorney about how to best protect your idea. Remember, IP protection can be applied for while you are still finalising your product and before the final design is completed.
More than protection – IP builds value
When financing a new design or innovation there is always a friction between available funds and what needs to be done to develop your idea. Quite often, patents and associated IP will not be a priority. However, it’s important to remember that IP does allow you to quickly create value in the business.
In the UK, trademarks can be protected indefinitely; designs can be protected through registration for up to 25 years and patents offer protection for up to 20 years. This IP value (dependent on what you do) could last for the lifetime of the business, or certainly for the lifetime of the product that you’re trying to promote. Through the Patent Box tax relief system, a patent can also give you significant tax savings.
If you get your IP wrong, it can be a costly mistake. If you spend money on product development and branding but don’t consider IP early enough, then you run the risk of being copied or unwittingly copying someone else.
Secure your IP assets
My advice would be to talk to a patent or trademark attorney at the earliest point to develop a strategy setting out how you should approach your IP. The penalty for getting it wrong can be severe but a patent can create value, increase profitability, and help to secure the future of your business.
- If you would like any IP advice, please contact Robert Games at Albright IP
If you are interested in finding out more about how to leverage the value in your IP, you can hear from Robert Games at the London Business Show 2022. Robert’s seminar – Intellectual Property Untangled – Obtaining and Exploiting Patents, Designs and Trademarks will be taking place on Nov 16th at 11:45am. Click here for more information.