Rather than being one straightforward law to call upon, IP protection however comes in five different “flavours”, which include patents, trade marks, designs, copyright and trade secrets.
IP comes from your, or your employees, creativity or intellect and is therefore “intangible”. However, just like all “tangible” personal property, it is a valuable business asset that can be bought and sold, leased or licensed. IP rights play a crucial role in bringing together the ingenuity of entrepreneurs with the investment needed to develop and bring new smart ideas and products to market.
Have you created a solution to a niggling problem that plagues day-to-day life and can see a market opportunity? If so, you should be thinking about protecting your IP rights.
Very generally speaking, in order to obtain patent protection an invention must be new and inventive over anything that has been disclosed before. Inventions that have already been made available to the public, by use or sale, cannot be patented, but subsequent improvements or enhancements can be.
All inventions must be kept secret until a patent application has been filed. If you do have a patentable invention, it is vitally important that you do not disclose your invention to anyone prior to filing a patent application (other than under strictest confidence), since any public disclosure before filing would prevent you from obtaining a valid patent.
Trade marks are signs that are used to distinguish the goods and services of one trader from those of another. Trade marks usually include a word or words and/or a logo.
Copyright subsists in the things you write, make or create, such as original books, plays, musical works, art, films, broadcasts, design drawings, computer software, client lists, brochures, photographs and protects against direct copying.
Trade secrets are a form of confidential information that can protect virtually anything. If you can keep the operation of a manufacturing process, for example, as a trade secret it can provide you with, in theory, everlasting protection as long as no-one can reverse engineer it.