World IP Day 2023
Today is World Intellectual Property Day, which is a great opportunity to highlight the role that Intellectual Property (IP) rights, such as, patents, trademarks, registered designs and copyright, play in encouraging innovation and creativity. Here at Innovate, we understand the power of IP and have a wealth of experience of harnessing it to make money from great ideas. We would love to hear about your idea so we can consider how clever use of IP could help to make it a success.
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Women and Intellectual Property
This year’s theme for World IP Day is “Women and IP: Accelerating innovation and creativity”. We are celebrating the “can do” attitude of women inventors, creators and entrepreneurs around the world and their ground-breaking work. One of the things that separates the most successful of these women from their peers is the ability to recognise the value of their IP as use it as a key asset to build their fortune.
What is Intellectual Property?
IP refers to creations of the mind such as inventions, literary and artistic works, symbols, names, and images used in commerce. One well known form of IP protection is obtaining a patent. Having a granted patent is extremely useful in business as it allows the owner to take legal action against others who try to use their invention without permission.
Patents
Sara Blakely is the founder of Spanx, and understands the value of patenting. Her company sells undergarments and other clothing items designed to smooth and shape the body. She holds multiple patents for her innovative products and has used various forms of IP to protect her brand and prevent competitors from copying her designs. She reportedly started the company with $5,000 of her own savings and her use of patents along with other forms of IP has helped her to build a successful company which is now worth in excess of $1.2 billion, making her one of the wealthiest self-made women in the world.
One of the most well-known women inventors is Hedy Lamarr, an Austrian-born actress who not only a film star during the golden age of Hollywood, but also an accomplished inventor. During World War II, Lamarr and composer George Antheil developed a frequency-hopping technology for use in torpedo guidance systems. Lamarr's invention laid the groundwork for modern technologies such as Bluetooth and Wi-Fi, and she is now recognized as a pioneer in the field of wireless communication. Despite facing numerous challenges and setbacks, Lamarr persevered and used patents to protect her IP.
Registered Designs
Registered Design rights can also be an extremely useful form of protection. For example, Julie Deane started The Cambridge Satchel Company from her kitchen table for just £600 and used a registered design to protect her signature satchel bags. The company has since grown into a global brand, and its designs have been copied by many imitators, making the registered design crucial for protecting their intellectual property.
Copyright
Julia Donaldson is a successful children's book author who has used another form of IP called copyright law to protect her work. She has written numerous popular books, including "The Gruffalo," "Room on the Broom," and "Stick Man," among others. By registering the copyright for her books, Julia Donaldson has exclusive rights to control the reproduction, distribution, and adaptation of her work. This means that she can prevent others from copying or using her books without her permission, and she can negotiate licensing agreements with companies who want to use her work in films, television shows, merchandise, and other products.
For example, "The Gruffalo" has been adapted into a popular stage show and an animated film. Julia Donaldson has been able to negotiate licensing agreements for each of these adaptations, which has allowed her to earn significant royalties and licensing fees. She has also licensed her work for merchandise such as plush toys, board games, and clothing.
Trademarks
The last form of IP concerns trademarks. When a trademark is registered, it allows the owner to take legal action against anyone who uses their brand without permission, including counterfeiters. It has been used in some very creative and effective ways by women in business. Beyoncé for example has used trademarks extensively to build and protect her brand. She has registered trademarks for her name and for variations of her name, such as "Beyoncé Knowles" and "Beyoncé Giselle Knowles-Carter." She has also registered trademarks for her music, including the phrase "Queen Bey" and the lyrics to her hit songs "Drunk in Love" and "Formation."
In addition to her music-related trademarks, Beyoncé has also registered trademarks for her various business ventures. For example, she has registered trademarks for her clothing line, Ivy Park, as well as for her production company, Parkwood Entertainment. By registering these trademarks, Beyoncé has been able to protect her brand and prevent others from using her name, music, or business ventures without her permission. She has also been able to license her trademarks for use in various products, such as clothing, fragrance, and other merchandise.
These are just a few examples of the many successful women who have used different forms of IP to turn good ideas into great businesses. It has helped them to establish themselves as leaders in their respective industries and create lasting legacies that will continue to inspire future generations of women.
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