Fine margins are everything in elite sport. We will see that on the global stage this summer. Every movement made, every millisecond saved, makes a difference. No competitor makes it to the top without talent. But their competitive edge is undoubtedly enhanced by innovation and technology.

For even the world’s greatest sportsmen and women, the creativity, detailed design and precision engineering which happens away from their arena of physical action can be one of the defining factors in record-breaking or championship-winning success.

Whether it’s carbon plating in running shoes, racket design in tennis or the latest mechanical innovation in cycling, it’s all about being first – in competition and creativity.

Behind every innovation in sport lie inventors, creators and entrepreneurs; people who come up with the concepts and carry out the work which delivers on the course, court, arena, track or field.

Success for them lies not necessarily in medals, but in ensuring their rights are protected through intellectual property (IP) laws.

Sunday (April 26) is World IP Day, organised by WIPO, the United Nations Agency which supports innovators and creators to ensure fair reward.

Appropriately, with football’s World Cup taking place in the United States, Canada and Mexico this summer it’s theme is IP and Sports: Ready, Set, Innovate.

It celebrates the fact that sports inspire passion.

But it also highlights the fact that intellectual property rights play a key role in protecting and promoting the innovations that keep the spirit of sports alive, bringing fans together and fuelling the future.

These are facts that no-one in the highly-competitive business of sport can afford to overlook, whether they be through patents, trademarks, copyright, or design rights – and whether in physical or esports.

Commercial success lies in ensuring that you have all of your protections in place before your product reaches the market – before your competitors seize on your creation.

Coming up with a concept is only the foundation of success. Delivering commercial success is reliant upon protecting that expression of an idea, product or brand.

Throughout Scotland – where my work advising businesses in corporate and technology law is based – and across the United Kingdom, there are leading global sport and esport innovators and entrepreneurs who cannot afford not to take steps to safeguard their products and their brand.

The sporting world knows the financial power of both.

Indeed, the World Cup is perhaps the globe’s most prolific brand powerhouse – leaning on every aspect of IP. So too does the Commonwealth Games, which return to Glasgow this summer. There, we will see IP law in action in all aspects of how the sporting action is showcased, from pre-event activity to everything which surrounds the athletes competing.

Organisers of these international sporting competitions vigorously protect their brand. So too do the nations competing.

Patents protect product innovation, encouraging research and investment in sporting technology.

Team logos build the identity of sports, uniting fans and nations as we will undoubtedly see this summer are protected by trademarks.

Design rights protect the style of sports, including gymwear.

And copyright protects all of the content shared through broadcast and social media.

As lawyers, there are countless areas of IP law that we advise on – from protection against infringements to contract agreements and e-commerce.

What we find time and again is that if creators of any scale protect their assets and seek legal advice from their inception this maximises their potential down the line. 

Context is important – and the economic worth of sport should not be underestimated.

Across the UK, sport is estimated to be worth about £20bn to the national economy. Research from the Scottish FA, SPFL and SWPL recently revealed that Scottish football alone is worth £820m to the country’s economy, supporting 14,000 jobs.

Sport is big business – and if our economy is to realise the full benefits of it, protecting the rights of those who are helping take it to the next level is critical. You will not become the Greatest Of All Time without securing your IP.

Alastair Smith is a corporate and technology partner at legal firm Lindsays