Do you understand its true value to your business?
According to recent research for the Association of Chartered Certified Accountants, financial cost and a lack of awareness are the two main barriers small businesses face when dealing with intellectual property (IP) issues.
The survey also found that small companies were reluctant to take IP seriously because they did not understand its true value to the business. Some were even deliberately ignoring IP, focusing their efforts on getting into the market quicker and keeping ahead of the competition.
But what is IP? It is often talked about and certainly every business owns some form of IP. At the simplest level, it includes the name of the business and the brand but can also cover designs, technologies and processes, in the form of trademarks, patents and copyrights, as well as domain names, customer databases and written materials.
Although IP is difficult to define, it is likely to be vital to business success and continuity: if you were to lose the right to use the name of the business for example, the financial and commercial implications would be very serious indeed and potentially terminal. On the other hand, if protected, your IP rights can become valuable corporate assets that can be either sold or licensed.
Please contact us – firstname.lastname@example.org – to discuss your IP requirements.