On average, intellectual property (IP) forms 80 per cent of a business' assets. This can be in the form of patents, trademarks (or the business brand), designs, copyright, knowhow and so on.
IP can exist in any of these various forms in all sorts of businesses, including things such as software, photographs, databases, research reports and consumer brands. IP can be used to protect innovation and growth of a business. Furthermore, it can be commercialised to make money in many ways, as seen with the recent successes of online businesses such as Uber or AirBnB, both being brands which have come to dominate their respective markets in recent times.
So, it may be that you are sitting on a whole range of IP which could be used for commercial gain. Once secured, IP can be exploited through various methods, including licensing and franchising, or by working with commercial partners to collaborate and grow your respective businesses through IP.
In the modern digital world, IP is more popular and profitable than ever before. It is of pivotal importance in creating and protecting the world's art, music, literature, inventions and ideas.
Which is why the World Intellectual Property Organization (WIPO) has set aside a day once a year to celebrate IP and raise awareness of its worth. Every year since the millennium, April 26 has marked World IP Day – an international celebration of IP, its potential and its protection.
This year the theme of World IP Day is 'Innovation – improving lives', i.e. how innovation is making our lives healthier, safer, and more comfortable, turning problems into progress. WIPO will look at how the intellectual property system supports innovation by attracting investment, rewarding creators, encouraging them to develop their ideas, and ensuring that their new knowledge is freely available so that tomorrow's innovators can build on today's new technology.
If you'd like to learn more about intellectual property and brand protection, or about the different ways in which you can make the most of your IP, please contact Rina Sond in our Company Commercial team on 01992 300333 or rina.sond@longmores.law.