Your intellectual property is one of your business’s greatest assets – regardless of whether you’re just starting out, or you’re a little more established. Taken care of properly, and leveraged in the right way, it can be a useful tool in supporting your business to reach its full potential.
That being said, your intellectual property is only as valuable as the legal rights you have in place protecting it. For that reason, it’s important you take the time to really understand what types of protection are available to you. But doing that, knowing where to start and having the confidence to take that all-important first step, can sometimes be a tad tricky. There are so many different kinds of protection, and the terminology that’s used is so often misused, it’s easy to lose sight of what the right approach is.
Copyright and patents are two of the most common forms of intellectual property protection. But they’re also two of the most commonly confused. That’s why we’ve decided to break them down. So you can start to get your head around what they really mean and how they could help your business, with complete clarity.
What is a patent?
Patents protect inventions. Think machinery and electronics, medicines and computer programs, processes and products. They’re a powerful tool for businesses looking to safeguard their assets against unsolicited distribution or use.
For example, let’s say you’ve invented a new type of smartphone that has a unique feature that no other smartphone has. This feature is your competitive advantage, which of course means you’ll want to make sure no one else is able to take advantage of it without your say-so. That’s where a patent comes in. With a patent on your side, you’d have complete control over what you chose to do with your innovation. You could manufacture and distribute it wherever you liked, use it whichever way you liked, and sell it to whomever you wanted. Needless to say, this is a valuable proposition. Especially if you think about how important it is in today’s world to set your business apart from everyone else – and then be able to maintain that distinction over ten, fifteen or even upto twenty years.
What is copyright?
Copyright is all about originality. Books, music, films, and other forms of creative expression such as paintings, sculptures and photographs – these are all examples of copyrightable assets. Much like a patent, copyright manages and prevents others from using or reproducing these assets.
For simplicity, let’s use another example. Imagine you’re a software development business that has recently created a brand new piece of software. Automatically, you’d have copyright protection over the code that underpins software. You would also have copyright protection over any original text, images, videos, or sound used as part of the software. So no one else would be able to use or copy it without your permission, except in cases where it’s considered ‘fair use’ – such as for commentary, criticism or educational purposes. And if they were to do so, they’d be infringing on your copyright.
Essentially, copyright law gives businesses and individuals the security they need to monetise their assets and protect against unsolicited exploitation. It arises automatically – although in the US, and a small number of other countries, copyright requires registration to gain full protection.
How are patents different to copyright?
Patents protect physical inventions and processes, usually over a period of upto twenty years. And in order to obtain one, you must first file a patent application. Copyright, on the other hand, protects the expression of an idea – rather than the idea itself. It comes into play automatically and usually lasts for the lifetime of the creator, plus seventy years.
Understanding this key difference is the first step for many businesses in deciding which type of protection is right for them.
Why do I need a patent or copyright?
To get the most out of your business’s intellectual property, you’ll need the right kind of intellectual property protection. And whether that’s a patent or copyright, the benefits will largely be the same. Here are a few examples of how protecting your assets can work in your favour…
• Exclusivity rights: Patents and copyright provide exclusive rights to the patent or copyright holder, so you’ll be able to make, use, distribute or sell your asset – as well as prevent others from doing so – for an extended period of time.
• Competitive advantage: Patent and copyright protection gives the holder an advantage over their competitors by preventing them from using, copying or tweaking their assets.
• Licensing opportunities: Holders of patents and copyright can license their intellectual property to others, should they wish – giving them a valuable source of income.
• Increased market share: By preventing others from entering the arena with a similar product, businesses can part-monopolise the market and safeguard their future.
• Attract investment: Patents and copyright can encourage investment from investors, by demonstrating the unique nature of a business’s assets.
Why do I need an intellectual property patent attorney?
Giving your business’s intellectual property the protection it deserves is one of the smartest moves you can make to secure its future. Patents and copyright are a great way to facilitate that security. Obtaining this level of protection though – often that can be a time-consuming, highly complex task. Understanding what’s patentable and what’s not, drafting the initial patent application, even defending a patent in court against a potential infringement – all of this requires specialist knowledge and expertise.
We support our clients across the globe, helping them to reach their potential by protecting their valuable assets with patents and copyright, and other types of intellectual property. We’d like to do that for you too. From the very start of the process, right the way through to the very end, we’ll take care of every single aspect of your business’s intellectual property. So you can focus on your business and what it is that you do best.
If you’re in need of a helping hand with your intellectual property, reach out to one of our trusted attorneys. Let us show you how we can help your business achieve more.