If there is a single message that patent attorneys could broadcast to the world, it is this: “do not make a public disclosure of your invention before you have spoken to a patent attorney”.
Andy Evitt, Patent Attorney, from our advisory partners at Greaves Brewster takes a look at some guiding principles for start-ups and SMEs considering their Intellectual Property (IP) portfolio.
1. Why consider IP protection?
Most start-ups are founded on having something unique that can captivate a share of the market place. That ‘something unique’ is often intellectual property, and if you can protect that intellectual property, you can stop competitors copying your ‘something unique’ and stealing the market share that goes along with it.
Some examples:
- You have a widget or a process that is better than what’s already out there. Perhaps it is faster, stronger, cheaper, lighter, healthier, more environmentally friendly, etc. You may want to use patents or trade secrets to stop copy cats.
- You built up a great reputation through quality products, great customer service, or clever marketing campaigns. You can stop others riding on that reputation, or even damaging it, by seeking trade mark protection over the names that go hand in hand with that reputation.
- You made a product that people will choose because it has a certain appearance, maybe even because it looks ‘cooler’ than other products out there. You can stop others copying those appearances through registered design protection.
Stopping competitors from copying your ideas is a primary goal of IP protection, but there are certainly other reasons to seek IP protection, including:
- Licensing – create a passive income stream from markets you are not operating in.
- Increasing company value – IP protection is an asset that can contribute to the value of a company.
- Investor appeal – investors like the risk mitigation that comes from IP protection.
- Collaboration / exit strategies – IP protection can open the door to discussion with larger companies.
Patent Box – patent protection can significantly reduce corporation tax payments.
2. How to start considering IP protection?
Simply put, the best way to start considering IP protection is to talk to an IP attorney. They can help identify the IP you may already be sitting on, put in place processes to capture future IP, and set out options and strategies for protection of that IP. Greaves Brewster offers free consultations through Future Space’s Advisory Space programme. It is free and easy to start the discussion and get some helpful initial pointers.
If there is a single message that patent attorneys could broadcast to the world, it is this: “do not make a public disclosure of your invention before you have spoken to a patent attorney”. Public disclosure can be terminal to the ability to seek patent protection.
3. What about infringing on someone else’s IP?
It is possible to have your own IP and still infringe someone else’s. Investigating third party IP can be complicated and expensive and any strategy for doing so will involve balancing risk against cost, both of which will be dependent on factors such as the nature of the product or service you wish to offer, the sector you work in, and the IP involved. Investors are increasingly asking questions about freedom to operate, i.e., the risk of infringing third party IP, before investing in companies. Again, the starting point is to discuss concerns and devise a risk management strategy with an IP attorney.
4. How to choose an IP attorney
Patent attorneys in the UK all have a STEM background, acquired before training as a patent attorney. When choosing a patent attorney, it is important to find one that has technical expertise in your area. Ultimately, your patent attorney will need to understand your invention in detail, to be able to interface the technology with the patent law.
In addition, and for trade mark and design attorneys too, we believe every interaction with your IP attorneys should be simple, straightforward and, above all, enjoyable. So make sure to choose in IP attorney that you get on well with, because that really does pave the way to the useful discussions that provide a deeper level of insight to your intellectual property and intellectual property needs.
5. More information
As mentioned, we also offer free initial consultations through Future Space’s Advisory Space programme and are often found at Future Space events.
Please do get in touch to arrange a chat or for more information email Andy AndyEvitt@greavesbrewster.co.uk
