Each quarter, we pick 18 high-growth businesses to take part in our Innovating for Growth: Scale-ups programme, where businesses receive £10,000 worth of tailored and bespoke business support and advice. Not only do businesses gain three months of guidance, they also receive automatic membership to our Growth Club and their own Relationship Manager.
This quarter, we’re following Haroun, Director of JRPass, a train travel company for those exploring Japan by rail. Haroun will talk us through each session as he progresses through the programme to get the successes and challenges of what it’s like to run a growing businesses. You can see Haroun's previous posts about financial management, product innovation, marketing strategy, branding and research and developing a growth strategy on our blog. In his latest diary entry, Haroun discusses what he learnt in his one-on-one session on intellectual property and how it’s important to every business...
Again this session was really packed and I had a lot of questions for our advisor from Briffa who are Intellectual Property legal specialists. We covered the following main areas:
Copyright – Since the founding of the company we have used a lot of designers for our website. Many get caught by this, but the default position for designs is that copyright remains with the designer unless signed over. We discussed having everything in place contractually for our external contributors to sign over rights as necessary.
Trademarks – We discussed our current situation with regards to current trademarks and opportunities going forward both in the UK and US now that our website is well established. This is really important when you have spent a lot of time and money in creating a brand. You need to protect that goodwill and mind-space effectively.
Commercial Contracts – We reviewed our external contracts with third parties e.g. developers to ensure that our IP is fully protected and cannot be exploited by others.
Data Protection – I’m sure we have all been grappling with GDPR ad nauseam and Data Privacy! Once again we reviewed and ensured that we had proper policies in place that are tailored for your specific company, and reflected this in our terms and conditions and on our website. For us, as a company who depends on online payments, this also feeds into PSD2 and SCA changes which are coming in September (you can read more about the changes here: https://www.visa.co.uk/dam/VCOM/regional/ve/unitedkingdom/PDF/visa-preparing-for-psd2-sca-publication-version-1-1-05-12-18-002-final.pdf).
HR – We agreed to review and incorporate IP and Data Protection in our employee contracts. This is something that did not occur to me previously so was good to catch this one.
As you can see there was a ton covered here and a lot of i’s to dot and t’s to cross that can affect your daily working practices. I think we have been ok with these areas previously, but as any company expands rapidly it is easy to lose sight of these basic legal protections and responsibilities to the point that it could easily prove to be a banana skin down the road. It’s the type of thing that many companies just kick down the road or ignore until it’s too late as we all would prefer to concentrate on the fundamental nuts and bolts of our companies. However it is really important to make sure this is all organised competently and safely, and this session really brought that home.