Picture this: the lift starts to rise. Your heart is racing, the nerves are kicking in, and there's no turning back. The doors open and five familiar faces are waiting.
It's time for BBC Dragons' Den. The Dragons are ready, and this week's entrepreneurs are about to make their pitch. The question is, will they leave with an investment or face a fiery rejection?
As always, we'll be taking a closer look at the intellectual property (IP) behind the pitches, exploring the designs, patents and trade marks that help protect the innovations of tonight's hopeful entrepreneurs.
Music to the Dragons' ears
One entrepreneur hoping to strike the right chord with the Dragons was Tolu Farinto, founder of Limitless Live, a company creating free live music experiences for young people through brand sponsorships.
He entered the Den seeking £50,000 in exchange for 10% of his business.
Tolu explained how Limitless Live works with major brands to fund live music events, helping young people access experiences they may otherwise be priced out of.
Centre stage trade marks
Alongside delivering live events, Limitless Live has also taken steps to protect its brand. A quick search of the UK trade mark register shows that the business has registered trade marks for both LIMITLESS FESTIVAL and Limitless Live.
A registered trade mark can help protect the identity of a business and distinguish its services from those of competitors. If you're building a brand of your own, it's worth considering whether trade mark protection could form part of your IP strategy. You can search the trade mark register yourself and explore our free trade mark guidance to learn more.
Unfortunately Tolu left the Den without investment; however, he didn’t leave empty handed. He left with some great advice from Dragon Steven Bartlett on how to grow his business.
The secret ingredient
Later in the episode, entrepreneur Abilasha Bhohi entered the Den seeking £75,000 in exchange for 15% of her all-natural ice cream business, Moonji. Inspired by her British Indian heritage and her mother's cooking, she explained that she is currently producing small batches herself but is ready to take the next step and move production into a factory environment.
Scaling up production is an exciting milestone for any growing business, but it can also raise important IP considerations. When a product's success relies on a unique recipe, formula or process, protecting that valuable know-how should form part of the growth plan.
Unlike trade marks, patents and designs, trade secrets are not registered. Instead, they can protect commercially valuable information that gives a business a competitive advantage, provided it is kept confidential. Recipes, ingredients, manufacturing methods and formulations can all fall into this category.
If Abilasha decides to work with manufacturers or external partners to produce her ice cream at scale, she may need to share information about how her products are made. Before doing so, businesses should consider what measures are needed to keep that information confidential. Non-disclosure agreements (NDAs), confidentiality clauses in contracts and limiting access to sensitive information to all except those who need to know, can all play an important role in helping to protect trade secrets.
Abilasha left the Den with investment from Peter Jones and Tinie Tempah, who offered the full £75,000 but for 15% each, taking a combined 30% stake in the business. Abilasha accepted the offer and secured the backing she was looking for to help take the business to the next stage.
Have you protected your innovation?
While the Dragons were deciding where to invest their money, I found myself asking a different question: how are these businesses protecting what makes them unique?
This week's episode offered a reminder that IP comes in many forms. From copyright protecting creative works, to trade marks safeguarding brands and trade secrets preserving valuable business know-how, IP can help businesses build value, attract investment and support long-term growth.
If you're building a business of your own, now is a good time to think about what IP you have and how it could be protected.
Our free step by step guidance can help you identify, protect and make the most of your intellectual property.
Disclaimer:
The purpose of the IPO's Dragons' Den IP blog is to help identify the IP in entrepreneurs’ pitches and highlight how IP works, or could work, in the real-life examples featured. IPO’s authorship of this blog does not constitute its endorsement or sponsorship of any products, individuals or businesses referenced within it.
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