LAST Friday was World Intellectual Property Day - yet according to Bruce Marsh, partner at Patent and Trade Mark attorneys, Wilson Gunn, a number of UK businesses remain unaware of the importance of protecting their intellectual property rights.
“There is a real lack of understanding about intellectual property in the UK and how and why it can be protected, “sais Mr Marsh.
“There is a widespread assumption that intellectual property is less worthy of protection than physical property but that’s just wrong. Patents and Trademarks are what ultimately sell products and generate the income.”
Intellectual property is as diverse as inventions, brand names, shapes of products, to music and art.
Mr Marsh said: “The average business relies heavily on innovative new products or clever branding. These can all be protected by the legal system, to create invaluable monopolies and undermine competition, but this commercial advantage is often overlooked.
“There is a whole minefield of opportunities and threats that many small businesses ignore at their peril. Now is the time for businesses to take stock and consider if they are doing all they can to protect their intellectual property.”
World Intellectual Property Day is run by the World Intellectual Property Organisation.