1. Know what ‘IP’ is. And if you don’t, look on www.intellectual-property.gov.uk. It says: “Intellectual property, often known as IP, allows people to own their creativity . . . in the same way that they can own physical property. The owner of IP can control and be rewarded for its use.”

2. Find out how much you have. Because it is like physical property, you can count IP. A report from the Science and Technology Policy Research Unit (SPRU) at the University of Sussex says that an effective IP management policy should begin with an audit that identifies a company’s essential IP, how it is or can be protected and how it is being shared.

3. Once you know what it is, tell others. Make IP part of corporate strategy. Dr Jordi Molas-Gallart, a co-author of the SPRU study, says: “This is a matter of culture within organisations. Senior managers need to start taking seriously their responsibility to protect IP, and to bang heads together to make it happen.”

4. Seek advice. From the Patent Office website, for example (www.patent.gov.uk). But, says Marice Cumber, the director of Own It, a free online IP advice service, be aware that developing an IP strategy will cost money. Firms without one need to start budgeting for the registration of trademarks, logos, patents and designs. It is, however, worth the expense. “You can make money from IP while you sleep,” she says.

5. Keep records. “Write it all down,” Cumber says. Business Link, a government website offering advice for businesses (see box), says: “Securing and protecting (IP) could be essential to your business’s future success.”

6. Keep quiet. Walls, and lots of other things, have ears. Anne Miller, the director of the Creativity Partnership, says to be careful with your Big Idea. “Rather than scattering your ideas around, choose a shortlist of target companies that might have a real business need for your idea, but ideally would be unable to implement it without your assistance.” She adds: “Disclose the idea to another company only under cover of a confidentiality agreement.”

7. Pick up a patent. “A patent application costs very little and helps to convince a prospective licensee that you are serious,” Miller says. But after the initial application, costs will rise rapidly.

8. Behave. A survey by Own It (www.own-it.org) found that 50 per cent of its members believed that their work had been stolen. But 80 per cent said that they had used someone else’s work without permission. Photographs are most commonly stolen, followed by fonts, then words.

9. Use your nose. “If it smells bad, get out,” Miller says. “Most companies would prefer to strike a deal to license a useful patent, rather than risk . . . an infringement battle.” Beware of those who ask for details about your idea, but show no interest in discussing the cost of a licence.

10. Carry a pen. There is no copyright on ideas until they are set down in “material form”.

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