The small business specialists
Phone: 13 12 49
Once you have identified your intellectual property you should develop strategies to protect your rights so that you don't put your business at risk.
Imagine if your competition discovered your secret and started replicating it, or you told someone your idea and then discovered too late that you had lost the legal right to make it exclusively yours.
The key is not to talk about your idea or make your IP public knowledge before you've had a chance to protect it.
Intellectual property (IP) can be bought, owned, sold, licensed out or bequeathed in much the same way as a building or a block of land. IP can be so valuable that many businesses list it among their assets on their balance sheet.
It's important to develop effective strategies to protect you IP within your business, not only to protect valuable assets but also to safeguard the products, processes and creative inputs from which the profits of the business emanate.
The first step of any protection strategy is to register your IP.
There are seven types of IP protection available to you:
Different IP rights vary in the protection they provide and in many cases more than one type may be necessary to fully protect your creation.
You can patent your IP through a patent attorney and/or an intellectual property lawyer, either of whom will take your current model and appropriately describe it in minute detail to distinguish it from any other similar products. Go to Hiring a Lawyer for more information about how to hire a patent or IP lawyer.
The second step in a protection strategy is to take the necessary actions to keep your idea a secret and demonstrate your ownership of the idea. Consider some of the following steps to protect your idea: