How to Maximise Your Business’ Intellectual Property Value

Intellectual property, or IP, represents one of the most valuable assets a business holds, and it is essential that it is fully protected against competitors who may seek to profit from it. From your business’ name to integral features of the brand itself (such as the logo), IP should be monitored and protected, just as you would protect more tangible assets.

In addition, it can also be exploited to help you gain the most revenue possible from your creations. Read more below about maximising your business’ IP potential.

Protecting Your IP

You should take steps to protect your IP as soon as possible; not only will this ensure that no one is able to infringe on what is yours, but it can also help you to establish whether you might be infringing on someone else’s IP.

As you move to protect your IP, it is not only your competitors that you need to consider. Extra care is required if a third party has created something on your behalf. Rights should be transferred promptly and properly, to make sure that you do not miss out on what is rightfully yours.

You should keep hold of any documents pertaining to the creation of your IP and bring these to your legal team promptly so that protections can be put in place. IP represents a complex branch of law, and working with an experienced firm like www.willans.co.uk will prove invaluable as you secure yours.

As you move forward, you will need to carefully monitor your IP in order to ensure that no one is infringing upon what is rightfully yours. If this happens, you will need to consult with your legal team in order to ensure that the proper steps are taken to prevent further infringement.

Commercially Exploiting Your IP

Commercially exploiting your IP is the best way of ensuring that you are gaining the most benefit from it. There are plenty of ways to do this, such as creating a licence or assignment agreement with another business.

What is an IP Licence Agreement?

Under this agreement, they will possess the right to use your brand; the length of time in which this agreement remains valid will be specific, as will the territory in which the agreement applies. At the end of the agreement, full control returns to you, and they will no longer hold any rights to your IP.

What is an IP Assignment Agreement?

Alternatively, you can exploit your IP through an assignment, which essentially means selling your IP to another business. Rather than ‘lending’ your IP to another company for a specified timeframe, you pass over permanent control of the IP in exchange for an up-front payment.

Protecting IP is a crucial step for any business. While the property itself may be intangible, the asset is likely to be crucial to the value and operation of your business, and the importance of sourcing the right legal advice for your IP cannot be overstated.