In this second article in our ‘How to…’ series, we reflect on what we learned from Mugdha Joshi, IP & Licensing expert at Kings College London, in her training session on Intellectual Property.
What is Intellectual Property?
Intellectual Property (IP) is a term that refers to the ‘creations of the mind’ such as inventions, works of art and symbols, names and images used in commerce.
Types of IP
Patents - Works to prevent another person from being able to use the same invention. They cover how inventions work, how they do it, what they are made of and how they are made. A patent lasts for 20 years and it must be renewed on its fourth anniversary. It then must be renewed every year. After 20 years the patent is given to the public. To qualify for a patent, the invention needs to meet the following criteria:
- The invention needs to be undisclosed and not in the public domain before the date of filing. However, any disclosure under a non-disclosure agreement is fine.
- Your idea needs an inventive step that is not obvious to someone with knowledge of the subject.
- It must be a solution to a problem.
- It must be something that can be made and not just speculative.
Copyrights – Protects work created by their author. It must be the author’s own intellectual creation and not have been copied from somewhere else.
Designs – This refers to the aesthetic aspects of an article. It protects 3D objects, or the designs applied to them.
Trademarks – A distinctive sign that identifies certain goods or properties provided by an individual or a company.
Commercialisation of IP
The commercialisation process involves:
- Market analysis - What does your product solve? Why is it better than your competition? Who wants it and why? What are its limitations? What is the development time? (Click here for more on marketing).
- Due Diligence - In-depth research of your company and invention and will include schedules of patents, copyrights and trademarks
- IP protection - Prior art search and patent attorney. You must ensure there is no evidence of your idea already being known.
- Proof of concept fund
- Marketing - Reaching out to companies and sending non-confidential flyers
- Licensing - What’s down the pipeline? Exclusive or non-exclusive licence? What obligations are there, e.g. development milestones?
- Spit-out creation - What do venture capitalists look for? They will want to see all your documentation that demonstrates that you meet various requirements. They will want to see your granted patents. It is a good idea to have a portfolio with multiple aspects of the product covered. They want to see that your product and company is professionally managed and that there are no issues of contested ownership or opposition.
The Bright SCIdea Challenge 2020 Final
SCI are unable to protect any intellectual property submitted as part of the competition. It is in your best interest to not disclose any information that could give away key aspects of your innovation for others to reproduce.