Published on 02/06/2017 by Any Business

Have You Thought About Intellectual Property in Your Business?

Intellectual property (IP) represents creations of the mind or intellect that can be legally owned.

IP laws allow for protection through patents, trade marks, copyright, designs, circuit layouts, and plant breeder's rights. Almost every business has some form of IP that they need to protect.

Ideas and unique creations can exist in every business. They're important for long term financial success and can make you more competitive than your rivals. But how do you stop competitors from copying your most valuable asset?

In most cases you must formally register your IP. However, automatic protection is given to copyrights, circuit layout rights, confidential information and trade secrets.

IP Australia is the federal government agency responsible for granting rights in patents, trade marks and designs.

IP and Your Business

If you've developed a device, substance, method or process which is new, inventive and useful, a patent can be the best way to protect it.

A patent is legally enforceable and gives you the exclusive right to commercially exploit your invention for the life of the patent. The only creations that can't be patented are artistic creations, mathematical models, plans, schemes or mental processes.

Once you've applied for a patent, the application is assessed against the necessary legal requirements.

There are two types of patents in Australia:

• standard patents

• innovation patents.

Standard Patents

Standard patents provide long term protection and control over an invention for up to 20 years from the day you file your complete application. Standard patents are normally processed within 14 months.

Innovation Patents

Innovation patents are particularly useful for small to medium sized businesses seeking a first-to-market advantage over competitors. They're designed to protect creations that are innovative ideas or creations, but may not necessarily be new inventions.

This patent protects the idea for up to eight years and is generally granted within one month. Innovation patents don't allow you to legally stop others from copying your innovation unless you have your innovation patent examined.


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AnyBusiness

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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