No matter what size or stage your business is at, your IP strategy doesn’t have to be complicated. IP rights exist to help you to prevent others from copying your’ business’ USP(s), and give you a chance to carve out a corner of the market. I will talk specifically about new products, but the same principles apply to new processes (e.g. a new manufacturing process) and software-based innovation and apps.
Where there is a USP, there is (almost) always IP
What is/are your USP(s)?
- What is it that sets your product apart from your competitors’?
- Why do (or will) customers buy your product rather than your competitors’?
- What elements of your product, if copied, could or would cause the most damage (either to your brand or your revenue stream, or both)?
Protect your USP(s)
Once you have established the main USP(s) of your new product, we can start to think about how best to protect them. If your product is technically better or different in some way to your nearest competitor’s, a patent application is likely to be a priority (and this must be filed before there is any non confidential disclosure of product). If your product looks better than others, or a lot of effort has gone into the way it looks, a registered design may be appropriate. Your brand name will likely be important, especially for a consumer product, and this can be registered as a trade mark – just make sure you are free to use your chosen name before you commit to it.
Don’t spend more than you need to!
As your business grows, and your product is changed or improved, or new products are added to your product line, don’t forget to, periodically, go through your IP portfolio, and check that the rights you’re paying for are still relevant. For example, there may be little point in renewing and maintaining a patent for an obsolete or superseded product, unless the technology covered by your patent is also used in an existing product (especially if you are claiming Patent Box tax relief).
Can we help?
IP strategy doesn’t have to be complicated if it is approached systematically and reviewed regularly. If you have any questions about your IP, please request a free, confidential consultation by visiting our website at https://strachanip.co.uk/contact/
Or give us a call on 01432 652464.
Or, if you prefer, please email vicki.strachan@strachanip.co.uk or simply click the link below to schedule a mutually convenient time to have a chat.
https://calendly.com/strachan-ip-a-fresh-view-of-intellectual-property/30min