The starting point in managing intellectual property (IP) is to recognise or identify the IP of the business and incorporated it into the business strategy.IP can be formally documented in an IP registered which is updated and maintained on a regular basis.

Items in an IP register can include:

• business name and logo
• research and development outcomes
• unique products, services, processes and applications
• unique designs of products/packaging.

When identifying the IP of the business, determine:

• the ownership – only the owner can apply for IP protection
• that the ideas are new – search the patent and trademark database available from IP Australia and other sources
• the value of the IP – add this to the balance sheet if known
• how to make a return on the IP – add to income in the business plan in known.