Protecting your Intellectual Property

Starting IP Smart

Here’s a summary of what you need to do to ensure your business is IP smart.

* Treat intellectual property as a business–put a dollar value on it.

* Understand the different types of IP and the advantages of each one.

* Keep your smart idea confidential until it’s protected.

* Protect your idea using the IP system–seek advice from an IP professional.

* Build a model of your invention to help prospective financial backers visualise your smart idea and its market potential. Make sure you have a confidentiality agreement in place before you let anyone see it.

* Keep track of all your development and protection costs–this will help you to put a value on your IP and give you an idea of how profitable your venture should be to recover costs.

* Research your potential market and understand its likely consumers, competitors, buyers, licensees, investors, manufacturers, and distributors.

* Commercialising your idea needs a variety of business skills–consider taking a course in business management.

There are different ways to make money from IP. You can sell it, license it, make products yourself or form partnerships. Get legal advice on any contracts you intend entering into with other parties.

Be infringement ready!

Site Information

IP Australia is the Australian government agency responsible for administering patents, trade marks, designs and plant breeder’s rights. For more information visit www.ipaustralia.gov.au/smartstart/

During February seminars will be held across Australia for small businesses considering exporting. For more information on the ‘IP Passport – Helping your business take off overseas’ seminars, visit www.ipaustralia.gov.au/ippassport/

Developing, registering, commercialising and protecting IP is important to any business. Professional advice can be sought from IP lawyers and attorneys, accountants and business advisers. For more information visit www.ipaustralia.gov.au

* Ruth Weichard is senior project officer for marketing & customer engagement at IP Australia