A huge commercial advantage can be made from investing in Intellectual Property, as businesses disclose business plans, pitch new ideas and propose designs and ideas freely when growing our businesses, none of our Intellectual Property is safe. Protecting Intellectual Property, preventing others from using your creations and ideas, can offer an enormous commercial advantage for small businesses.
David Hopkins of the Intellectual Property Office states “Intellectual Property impacts on every business. If you have a better understanding of IP you can use it to develop lucrative income streams, work with better partners and look at potential new markets overseas”. However, many businesses are not aware of the Intellectual Property they own, or the financial value of these assets. Dave states that “Businesses create and use Intellectual Property all the time, perhaps without realising it. Whether it is the name of your company, branded products, websites or even marketing material, the value of IP can far outweigh the value of physical assets”.
The Sheffield City Region Growth Hub works closely with the Intellectual Property Office to educate the businesses working with the organisation regarding the potential risks and clear advantages of protecting your Intellectual Property. The Institute of Directors are hosting an Intellectual Property Masterclass which will cover the main areas of Intellectual property and help SME’s understand more what their business potentially may own and how to protect these assets. This Masterclasses offers vital information for SME’s for them to ensure they keep their assets safe and not to infringe on already protected assets owned by others. Dave states “If you choose to ignore this vital asset you may find that you don’t own the rights to it, potentially infringe other parties IP or lose value in the event of the business sale. Having a better understanding of the IP and the free support available will help you build a better business.”
The Masterclass is held at the Sheffield City Region offices in Sheffield on Broad Street on the 20th of June 2018. More information on the Enhancement Project Masterclass can be found here.