04 April 2017

The importance of maintaining an IP portfolio in an ever evolving digital climate.

Now that we are in March 2017, most New Year’s resolutions have been forgotten, exercise equipment is starting to build dust in the corners of spare bedrooms across the country and dry January is a distant memory. Businesses may also have had commercial resolutions for 2017, which have already fallen by the wayside.

The best intentions can often be overlooked when budgetary constraints are brought into the picture; one of the most common of these is protecting and maintaining intellectual property rights (IP). This may become more common as the political and economic landscape takes an uncertain turn with Brexit, general elections take place in a number of European countries, and the Trump administration shakes things up on the other side of the Atlantic.

Whilst IP rights, such as trade marks, patents and designs are intangible, they can be invaluable to a business. They encapsulate the brand, ideas and innovation of a business and its employees. In the ‘digital age’ technology is developing and progressing at a dramatic pace; so protecting these ideas is vital. However, these protections may be futile without ensuring there is a strong and well managed brand available to make sure the ideas can be marked in a profitable way.

As we head further into 2017 it is essential that businesses ensure they have some basic IP checks and balances in place. If IP is managed properly and all disputes are handled well, maintaining an IP portfolio can be cost effective and instrumental in the future success of a business.

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