Franchising · 2 May 2022

How SMEs Can Embrace Intellectual Property

The creativity of entrepreneurialism and dynamism of disrupters tend not to be associated with the rigidness of rights, rules, and regulations. It’s easy to see how entrepreneurial businesses may feel creativity could be hampered with bureaucracy and get wrapped up in red tape.  

To mark World Intellectual Property Day (26th April), Daniel Fletcher, solicitor at Forbes Solicitors looks at the key benefits of why businesses should be embracing IP rights and celebrating World IP Day and how IP rights help forward-thinking businesses to achieve their goals.

The backdrop  

The Government has set out a Counter-Infringement Strategy which will work towards making UK intellectual property rights and those rights owned by UK businesses internationally, the best protected in the world, setting a gold standard globally.

This will benefit businesses should any third parties look to infringe on any of the IP rights that they hold. The Government is aiming to tighten up on infringement of IP, and the Strategy looks at the fundamental processes and structures needed for effective collaborative working on IP infringement over the long-term.

The Strategy really shines a light on IP crime, which SMEs can particularly fall victim to. The Government stated: “IP crime is often considered by criminals as a low-risk but very high-reward crime. The IPO’s new strategy highlights the link between IP crime and other serious criminality such as money laundering, causing significant harm across communities. The strategy recognises that increased public awareness and criminal enforcement are complementary elements in addressing these harms. It commits to working toward a time when IP infringement is seen as socially unacceptable to all, while delivering intelligence driven enforcement action against the perpetrators of IP crime.”

The benefits  

For businesses, the benefits of embracing the IP regulations and protecting their IP rights include the fact it enhances the market value of the business and can be the key to unlocking businesses ideas and turning them into profit-making assets.


 
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ABOUT THE EXPERT

Daniel is a solicitor in Forbes Solicitors' Commercial department. Daniel acts for clients on a local, national and international basis in relation to a variety of commercial, construction and intellectual property matters. In particular, Daniel regularly advises businesses on intellectual property matters, including domestic and international trade mark registrations, oppositions and renewals, and also the exploitation of registered and unregistered intellectual property rights, via licensing and assignment arrangements and otherwise. Daniel also assists clients with the key legal and commercial issues arising out of their commercial contracts. This includes drafting and negotiating Terms & Conditions and Contracts for the supply of goods and services (with business and consumer customers), Agency and Distribution Agreements, Consignment Agreements and Franchise Agreements.

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