Intellectual Property

ScotiaAccounting  |  28th October

Stop your competitors picking your brain and protect your intangible assets.

Intellectual property is creations of the mind – inventions, artistic work, names and images.

If your business relies on technology, processes or concepts that you have developed then it is vitally important to protect those assets in the right way. Failure to do so can be catastrophic for your business. Here’s how you can protect your intellectual property…

1.Copyright

This is the right to prevent others copying or reproducing your own work. This applies to original written material, sound recordings and other artistic work. As long as the creator can prove authorship then copyright arises automatically.

2. Trademark

Trademarks protect the name; they are a visible indication that links an expression with a product or service. Holding a trademark gives you exclusive right to use it and enables you to take legal action against others that attempt to benefit from it themselves.

3. Patent

A patent is granted by an Intellectual Property Office (IPO) giving the original inventor the exclusive rights to utilize the invention for up to 20 years upon which they will have to reapply for the patent. It also gives the inventor the right to allow others to use his/het invention through licensing.

4. Registered Design

This relates to products which in general are similar but look different. An example of this could be a hoover. One hoover works much the same as the next hoover but its design and look differs making it more appealing. This advantage can be protected by registering the design.

If you require any advice on how to value your intellectual property we can help. You can get in touch with us here.