SBDC e-news – August 2016 Intellectual Property

Intellectual Property (IP) advice for small business

Are you an ideas person? Is your business based on your own unique product or idea? Is your IP protected?

IP Australia is the Commonwealth government agency charged with administering Australia’s patents, trademarks and design rights.

IP is the ‘application of the mind to develop something new or original’, and can exist in various forms including a new invention, brand, design or artistic creation.

Copyright protects actual words, not ideas, and only lasts for the lifetime of the author, plus 70 years.

Patents provide exclusive rights for an invention in exchange for public disclosure and applies to devices, substances, methods, processes and software.

If you’re thinking about patenting, you need to consider whether your product is new, useful or inventive, what the costs of the product are, and whether you are equipped to manage, and take action if necessary.

If you have patents or trademarks registered, be sure to include any IP in your business and marketing plans and implement an IP audit each year.

It’s also useful to keep records of inventions, who created them, and ensure that IP is correctly assigned.

For more information on IP, patents and copyright, contact 1300 65 1010 during business hours.

For information on product development contact the SBDC on 13 12 49.