Most people understand that the intellectual property (IP) in their business is important, but few realise how important proper management of a portfolio can be.
Firstly the types of IP rights continually evolve, so the owners of existing rights need to remain aware of new opportunities and pitfalls. For example, Brexit will require a review of how businesses handle existing and future trade mark and registered design rights within the EU and UK.
Secondly, the nature of a product, including its design and branding can alter over time. This means that IP rights that once were suitable can cease to be effective.
Thirdly, many IP owners with strong rights fail to fully exploit their potential. This is due both to a lack of knowledge of techniques to dissuade copying and procedures to enforce rights if that fails.
IP law continually develops, and therefore it is important that an IP portfolio is constantly re-evaluated in partnership with professionals to ensure it evolves with the products it protects. To take advantage of this and avoid your IP becoming worthless it is very important, to continually protect and manage your IP. This is a complex task, so continual consultation with a patent and trade mark attorney is essential to keep your portfolio in shape over the life of a product, and to ensure the development stream continues to feed growth.
For more information, or to talk through your options, please contact us.
James Sanderson
Partner, Sandersons
