Intellectual Property (IP) can be crucial to the commercial success of your business, particularly in the early stages. It is a very valuable asset that will help you secure a market share and grow your business. Having an appropriate IP strategy should allow you to exploit the rewards and manage the risks.
The main reward of securing your own IP is that it affords you a legal monopoly that can provide exclusivity for parts of your chosen market. Through IP you can stop competitors using brands that are too close to your own, or prevent them from using the technical innovation on which your business is being built.
Beyond the exclusivity that can be provided, your own IP can also be used a marketing tool, it can help you secure funding from investors, and can be sold or licensed like any other property.
Unfortunately there is another side to IP that is often overlooked, and that is the risks. Competitors might have their own IP which could present a barrier to your plans and, if not identified early, these barriers can be very costly overcome.
At AA Thornton we can work with you to help you understand your IP position and create an appropriate IP strategy by identifying what IP you have, helping you to protect important IP, and carrying out searches to reduce the risk of problematic third party IP being unexpectedly identified. We will be with you every step of the way.
If you would like to discuss your ideas or how to commercialise them, fill our form below and one of our attorneys will contact you shortly.
Partner Dr. Lawrence King reflects on Patenting in the Pandemic and the importance of locking down innovation in troubled times in this article, first published in The Chemical Engineer. The importance of locking down innovation in troubled times TO MOST, A Poor Man’s Tale of a Patent, published in October 1850, remains one of Charles Dickens’ lesser-known… Read more »
Is your IP Strategy fit for purpose? – Five Questions to Ask Yourself The following article was first published in issue 21 of BioScience Today. As a result of the lockdown due to the global pandemic there is a greater need and renewed focus on using innovation to kick-start the economic recovery. The result… Read more »