Is your Intellectual Property protected?

Intellectual property (IP) covers a LOT of ground with everything from branding and logos to website design and bespoke software. If you own or run a business, then you will have IP that needs to be protected.

Research has demonstrated that intellectual property can make up to as much as 70-80% of the value of a business but, as protecting IP isn’t mandatory, it often gets overlooked. While it’s often tempting to put it on the backburner, ensuring that your IP is clearly identified, recorded, and strategically protected can save a lot of trouble later.

Benefits to protecting your IP:

• Reduces the risk of third-party litigation
• Creates barriers to inhibit competition entering the same market
• Provides potential income streams (e.g., licensing, entering adjacent and overseas markets, sale of assets no longer needed)
• Helps to identify additional tax benefits (R&D tax credits, patent box, etc.)
• Strengthens market positioning

While this is only a short run-through of the advantages of taking the next step in your IP journey, there are additional resources available to you to help identify the assets that you have and safeguard them.

Support from West of England Combined Authority:

Visit: https://www.westofengland-ca.gov.uk/growth-hub/brexit-business/intellectual-property/

Support from Innovate UK Edge:

Visit: https://www.innovateukedge.ukri.org/

Support from Intellectual Property Office:

Visit: https://www.gov.uk/government/organisations/intellectual-property-office

If you’re not sure where to start, or you have specific questions about your own intellectual property, please contact business@n-somerset.gov.uk