What are the Intellectual Property Essentials for Start-ups?

You will have assets that differentiate you and your company from other businesses in the market, such as the creative design of your product and the unique name of your company. Because the value of these intellectual property assets is only going to increase as your company develops over time, it is essential to get the basics down correctly from the very beginning.

What exactly is IP?

Intellectual Property can come in the form of a trademark (your brand), a design (how your products look), copyright (your artistic creations), and patents. A trademark is the legal name for your brand. A design protects how your products look (which protects the tech stuff). Intellectual property rights are territorial in nature and are unique to each nation around the world.

Are you sure that my company could benefit from intellectual property registration?

Do not let your size fool you into thinking that you have nothing to protect because you do; despite your stature, you do. Every company has something that could be considered intellectual property, such as its name, the way its products look, or the way it makes things.

Why should I even care about intellectual property?

You have put in a lot of effort to get where you are now, and there is still a lot of work to be done – you do not want anyone else to take advantage of your arduous work and great ideas and take the credit for them. Protecting your investment and future-proofing your company can be accomplished by registering your intellectual property (IP), or at the very least, by recognising when you should do something about registering your IP. The use of intellectual property (IP) in your business helps you think big and gives you credibility.

If you register your intellectual property, you can prevent others from using your name or creating products that are like yours. Additionally, it has the potential to generate profits for your company because intellectual property (IP) that has been registered is considered an asset by financial institutions and potential investors. You can also make money from it by licencing it out to other businesses or selling it to other individuals.

Is it something that I already have?

There is a good chance that each of you already possesses some form of intellectual property in your company. The United Kingdom and the European Union (EU) recognise unregistered rights in certain circumstances; however, the protection that is afforded is limited; registered rights always provide the strongest protection. You are all in possession of the intellectual property within your company; however, it is essential to determine what it is, when it should be protected, and where it needs to be protected.

Keep in mind that registering a domain name or incorporating a business under a particular name will not grant you the same rights as registering your intellectual property, so be sure to keep that in mind.

What about the other individuals?

You also need to be aware of other people's intellectual property (IP), particularly if you run a small, specialised business; run some checks to make sure you are not infringing on anyone else's rights, as this could come back to haunt you further down the road.

Certain intellectual property rights belong by default to the person who created them; consequently, if you involve another party, such as a web or product designer, you should ensure that any intellectual property rights that they own in their portion of the work are transferred to you.

Where do I go to register my IP?

You might not think intellectual property (IP) is important right now, but you will in the future, and if you do not figure it out soon enough, you might miss the boat. Avoid putting yourself in a position where you cannot use or protect your own ideas or brands by making sure that this does not happen. Talk to an intellectual property (IP) specialist who can tell you what applications to file, when to file them, and where to file them to obtain registered rights.

Check out the UK Intellectual Property Office's website as a first port of call or give them a ring.

What if I have more questions?

Consult with a business lawyer who specialises in intellectual property law if you are unsure what to do with your IP, if you are concerned about infringing on the rights of another person, or if you believe that someone is stealing your ideas. They will provide you with guidance on how to proceed.

How do I find an Intellectual Property Lawyer?

Mishoura understand how difficult it is to find a solicitor, and even with free consultations and a whole internet of websites to trawl through the entire process can be exhausting.

Mishoura works diligently with businesses in the UK, matching them specifically to solicitors’ firms who specialise in different legal sectors, depending on what you are looking for.

Matching you to an Intellectual Property Solicitor will take 90 minutes after your initial consultation and you will be provided with a shortlist of relevant, experienced and professional solicitors firms for you to contact.