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EY Accounting - Business Acumen > Module 9 - Intellectual Property And The Law > Flashcards

Module 9 - Intellectual Property And The Law Flashcards

1
Q

Is intellectual property tangible or intangible?

A

Intangible

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2
Q

How does IP develop?

A

Human ingenuity and creativity

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3
Q

Who is the body responsible for registered IP rights?

A

Intellectual Property Office (‘IPO’)

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4
Q

The IPO categorised IP into four broad categories?

A

Copyright - art

Designs - shape / appearance / pattern

Trademarks - product names / logos / jingles

Patents - inventions

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5
Q

How are trade secrets protected? Eg a recipe

Why?

A

Keeping them a secret from competitors

Not protected by IPO

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6
Q

Types of protection depends on what?

A

The nature of the IP and how much protection you want

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7
Q

Is some IP automatic?

A

Yes

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8
Q

Do you have to apply to get protection from copyright? Eg music

A

No - it is automatically protected

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9
Q

Is an idea itself under copyright?

A

No, there some has to be some output to it

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10
Q

Is there a register of copyright material?

A

No

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11
Q

When are new works automatically protected by law with copyright?

A

From the date they’re created

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12
Q

What is copyright?

A

A right that allows the holder to prevent copying

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13
Q

Usual length of protection for literary, dramatic, musical and artistic work?

A

70 years after authors death

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14
Q

Usual lengths of protection for sound and music recording (copyright)

A

70 years from published

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15
Q

Usual lengths of protection for films (copyright)

A

70 years after the death of the director, screenplay author and composer

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16
Q

Usual length of copyright for films for broadcasts (copyright)

A

50 years from when it’s first broadcast

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17
Q

Usual length of protection (copyright) for layout of published editions of written dramatic or musical work

A

25 years

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18
Q

What is an “open source license”

A

Where the copyright owner wants to maintain ownership but not want to necessarily benefit from it commercially

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19
Q

What does an unregistered design right apply to?

A

3-dimensional shapes - the shape and configuration of these objects

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20
Q

Is there a database of unregistered design rights?

A

No

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21
Q

Does unregistered design right include colour, material, design, texture etc?

A

No

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22
Q

In order to protect colour, material, design, texture, what would they need to do?

A

Register the design

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23
Q

How long does an unregistered design last?

A

15 years after it was first created

OR

10 years after the design was first sold

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24
Q

How long does a trademark last?

A

Up to 10 years

Can be renewed 6 months before or after the expiry date

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25
Is there a log of trademarks Who maintains it?
Yes IPO maintains a database of registered trademarks - members of the public can search and see if a particular trademark has been registered and find out who owns it
26
Does a trademark have to be distinctive?
Yes
27
Are there strict rules about what can and cannot be registered as a trademark?
Yes
28
Registered designs apply to what?
2-dimensional shapes and 3-dimensional shapes It also extends to appearance in relation to the lines, contours, colours, and texture of the design
29
Registering a design protects it for how long?
25 years, although the application needs to be renewed every five years
30
What are patents used for?
To protect inventions and innovations such as new products, drugs, and production methods
31
Do patents allow you to stop anyone else using your invention without permission?
Yes
32
In order to be granted a patent..
The invention must be new or involve an inventive new use of a known product
33
Is the patent application process complex and expensive?
Yes
34
What is the % of applicants that are awarded a patent without professional help?
1 in 20 5%
35
How long does the patent application process usually take?
Around 5 years
36
How expensive is the patent application process?
Can cost around £4,000 but can often be more If international rights are brought in, it can cost over £50,000
37
Is it crucial that there has not been any public disclosure of the invention before a patent application has been made? (Think of dragons den)
Yes
38
What needs to be signed if having discussions about the invention with people who are not patent attorney?
A non-disclosure agreement (NDA)
39
How long do patents last?
20 years from the initial filing date with annual renewal fees being required
40
Is enforcing patent rights complex and expensive?
Yes
41
Advantages of keeping IP in the business
Business retains exclusive rights to receive the income from the IP Potential for long-term and ongoing income which excludes from the market to an extent
42
Disadvantages of keeping the IP in the business?
Business is responsible for maintaining the value of the IP The business might not be best placed to use the IP - no point having a brilliant oil idea if not access to oil Company could lose competitive advantage if similar products are launched
43
Can intellectual property be sold?
Yes
44
Is valuing IP hard?
Yes
45
Advantages of selling IP
No on-going commitment to maintaining or protecting the IP once it has been sold There is an instant cash-injection into the business
46
Disadvantages of selling IP?
The business no longer has a claim on the IP rights and loses any long term cash inflows which may be higher than the initial cash injection on the sale Hard to establish and receive a fair price
47
How does licensing with IP work?
You maintain the IP rights to any IP that a business owns and allow others to use it for a fee
48
Advantages of licensing IP?
Could be steady, ongoing cash flows available from providing licenses It might be possible to access market through licensing that the company cannot feasibly access by using IP themselves
49
Disadvantages of licensing IP?
Business still responsible for protecting the IP Risk there’s less income than just selling outright Lose a bit of control over how it is used Potential reputational risk
50
What is franchising?
A specific form of licensing where a business grants license to someone which allows the franchisee to use the franchisers brand, technology, systems, processes to run an entire business
51
Advantages of franchising
Low cost expansion method New markers and locations can be accessed rapidly
52
Disadvantages of franchising
Need to vet franchisees Franchiser will have to provide ongoing support and take appropriate measures to protect the brand from damage
53
When an entrepreneur is self employed and running a sole trader business, any IP created is owned by who?
Them There is no legal distinction between the individual and the business
54
When an employee creates IP in a business, who owns the IP?
The employer (the company owns it)
55
With contractors, if contractors create IP who does it belong to? (Whilst working on a freelance basis)
It depends Eg terms and conditions of any engagement agreed
56
If an entrepreneur turns their business into a limited company, what can the relationship be liked between the owner and the limited company itself?
Pretty relaxed and informal
57
If IP is create after incorporation, it is possible that the IP will automatically belong to who?
The limited company Particularly if the owner of the business is also an employee
58
If IP exists before incorporation, then the IP may be owned by?
The individual who can then choose to sell or license it to the limited company
59
Can you use other people’s IP?
If there is a legal document showing an agreement, yes
60
What is it called when you use someone else’s intellectual property without permission?
Infringement
61
Can infringement happen on a much smaller scale? Such as?
Yes Eg using someone’s picture sourced from the internet without permission
62
What is one of the first steps for dealing with potential IP infringements
Simply contact the other party and ask them to stop using the IP Eg a cease and desist letter
63
What is Agree to License or Credit
Where the IP owner agrees to license the IP to the party who is currently using the IP without permission
64
Can companies sometimes agree to coexist? (Use the same IP at the same time?)
Yes Dennis the menace example
65
When would you use a mediator?
If, after discussions with the alleged infringer of IP rights, it has not been possible to come to a conclusion
66
Who provides mediation services?
IPO But any independent mediator can be appointed as well
67
Is using a mediator usually cheaper than taking legal action through courts
Yes But the exact cost will depend on the nature and complexity of the circumstances
68
Is taking legal action usually a last resort?
Yes
69
Is it possible to take legal action through the courts or through the IPO?
Both More commonly the courts But in certain circumstances through the IPO
70
What is a risk of taking legal action?
Expensive Time consuming Might lose (Trunkee suitcases example)

EY Accounting - Business Acumen (16 decks)

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