JOINING THE NEW GOLD RUSH
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Photo left to right : Lauren Douglas corporate law expert , Rachael Piggott commercial law specialist , Joanne Shelley IP expert
JOINING THE NEW GOLD RUSH
HM3 Legal shared with Wirral Life the shift progressive SME owners are making to protect and monetise their business .
Is running a business more challenging today than ever ? Yes , some say . Traditionally , businesses were built by maintaining and protecting tangible assets . Today , digitisation has led to SMEs identifying intangible assets such as Intellectual Property ( IP ) to drive sustainable growth .
What is IP ? Joanne : I refer to IP as a company ’ s hidden gold just waiting to be mined .
IP is often a unique material , manufacturing technique or novel process . It may be an innovative product , packaging or distinctive brand or software ‘ just ’ designed to improve production or minimise waste . The emerging green economy includes pioneering architects inventing ways to increase building efficiency by reducing energy use . And we ’ re seeing construction companies ramping up eco-credentials by creating new materials .
All represent IP gold hidden in plain sight , often unprotected , but with the potential to add significant value to a business .
Why dig for IP ? Unlocking the power of IP can be the first step to propelling a business forward commercially . A European Patent Office ( EPO ) study showed SMEs with a strong IP portfolio increased revenue by being able to charge a premium . Also , securing IP can attract talent and significant investment .
IP nuggets Tech , engineering and construction companies can win big by identifying unique IP assets , as can any SME with hidden ‘ secret sauce ’ ( literally and figuratively )! Once I uncover IP , I help businesses protect this originality , locking out any competition or imitation . Companies often choose to monetise IP through licensing , collaborations , or selling trademarks or patents – or by selling the business itself .
A YouGov survey in 2021 found only 21 % of SMEs were seeking to protect their IP assets . Knowing the opportunities unlocking and protecting IP can bring , I find this astonishing !
Rachael : Whether starting-up or scaling-up , to maximise IP assets SMEs need water-tight contracts and T & Cs in place . Bespoke legal paperwork is essential to avoid coming unstuck . ‘ Legals by Google ’ are a common red flag !
Lauren : Through experience we know nailing company agreements is a worthwhile investment . Unfortunately , with poorly drafted IP protection , time-consuming and costly legal disputes can follow – including between shareholders .
HM3 Legal works collaboratively , rejecting the traditional way of approaching client transactions , matter by matter . Having joined-up legal expertise under one roof facilitates asking the right questions to help a business move forward .
80 % funding Until April 2024 the UK Intellectual Property Office is offering funding up to 80 % for an IP Audit . So , there ’ s no better time to go digging for IP gold and to strike gold .
Ready to join the IP gold rush or find out more about IP funding ? Contact HM3 Legal : Hello @ HM3Legal . co . uk
16 wirrallife . com