New Year Resolutions

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Well here we are, it’s 2017 and no doubt many of you have set personal resolutions for the New Year. The most popular tend to be selected from the following list (some of which are inter-related):

• Lose weight
• Get fit/healthy
• Quit smoking
• Drink less alcohol and/or caffeine
• Improve your work/life balance (spend more time with your family)
• Be more organized
• Spend less/save more

All worthwhile intentions, but as I’m sure many of you have experienced, by about mid-February (perhaps even mid-January!) the resolutions have fallen by the wayside. Part of the problem can be the ongoing commitment that such lifestyle changes as those listed above require.

As a contrast though, how many of you make business resolutions for the New Year? Yes, you might have a business plan and a budget, but how many of you give a thought to your business’ intellectual property (IP)? IP is often overlooked but just a small tweak at the start of the year could reap long-term benefits, continuing on long after any personal New Year resolutions have been abandoned.

Do you actually know what IP your business has? The most common forms of IP that spring to mind are trade marks, patents and designs, but the following are also IP:

• Business names
• Domain names
• Trade secrets
• Artwork
• Packaging
• Client lists
• Business practices

As an example, let’s look at artwork. You might have hired a contractor to design and draw up a logo or graphical artwork that you are using on your website, letterhead and/or packaging, but do you own the IP in that artwork? It would be worthwhile to check the agreement your business has/had with the contractor. Does the agreement provide for ownership of the IP to rest with the business in exchange for remuneration? Or does the agreement provide for assignment of any IP generated, but an assignment has not yet been executed? Have you considered registering the logo or artwork as a trade mark? So many questions on just one aspect of your business IP.

An IP audit can identify any IP within your business and whether it is actually owned by the business. An IP audit can also identify whether the IP is (i) registered, (ii) not registered but registrable, or (iii) not registrable but could be protected by employee agreements or Non-Disclosure Agreements (NDAs). With an IP audit in hand, you will be in a better position to make decisions about integrating IP into your business plan, and in doing so, ensuring that your New Year resolution to look at your business IP will last all year!

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