But what is Intellectual Property ? The UK Government has a dedicated Intellectual Property Office and according to its website, IP is:

“Something unique that you physically create - an idea alone is not intellectual property”. For example, an idea for a book is not intellectual property, but the words you’ve written within it are.”

Phew, that’s all pretty straightforward then! But how can you best protect your idea, concept or next potential best seller?

Copyrights, patents, designs and trademarks are all types of intellectual property protection and putting these in place could stop people stealing or copying the following:

• The names of your products or brands
• Your inventions
• The design or look of your product
• The things you write, make or produce

You can apply for ownership of intellectual property of any of the above if you:

• Created it (and it meets the requirements for copyright, a patent or a design)
• Bought intellectual property from the creator or a previous owner
• Have a brand that could be a trade mark e.g. a well-known product name

However, be warned – you are unlikely to own the intellectual property for something if you were employed and created it as part of your work.

Intellectual Property can be big business and be a valuable asset of any business, but did you know that it can have multiple owners, belong to an individual or other businesses and be sold or transferred?

Protecting your intellectual property can’t guarantee that your idea won’t be copied, but it will make it easier to take legal action against anyone who tries to steal or copy it.

The type of protection you can get depends on what you have created and it could be linked to a single product. For instance, the name and logo could be registered as a trademark – think Coca Cola and Coke!

Many businesses assume that protection is less robust overseas, however there is great support on offer from the Intellectual Property Office to assist with this and countries such as India and China even have dedicated personnel based in these locations ready to assist with any enquiries. To find out more visit the Buckinghamshire Business First support tool, click on ‘Growth’ and then ‘Intellectual Property’.

So there you have it, with careful research, planning and implementation the world really could be your oyster so far as your product, idea or novel is concerned.

If you would like further help or assistance with your IP or any other related business support topic please get in touch with me us on 01494 568941 / BusinessSupport@bbf.uk.com.