Intellectual property (IP) is recognised as a valuable asset and an important element of the growth strategy for small businesses. IP can be defined as a creation of the mind or in business the proprietary knowledge of a company.
IP can result from creative endeavours leading to new and groundbreaking products, innovative technological processes or simply unique industry know-how. IP can also be created in everyday business dealings and represents something – an indentifying mark or name, product, process or service – that is unique to the company.
The secret to making the most from the IP of the business is to identify, value, protect, manage and effectively use IP in the business strategy.
Value the IP of the business
IP is a valuable business asset that must be managed and protected like any other asset.
Protection comes from confidentiality, patents, trademarks, registered designs and copyright. But not all IP requires formal protection. It is a business decision to determine whether the business should protect its IP. The decision will be based on a number of factors in the business including strategy and costs.
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