Having developed and protected intellectual property (IP) to the advantage of the business, it is essential that IP is managed well.  Failure to manage IP will degrade the value of the IP or even allow infringement of the protection.

Here are some tips on how to manage the IP of a business:

• develop an IP strategy, highlighting the development and use of IP and its application to the business plan
• develop an infringement monitoring strategy that ensures potential infringements, like that from importers, is continually monitored.It is best to incorporated into the Risk Management Plan  mark the IP with the registered trademark, copyright or other correct symbol. (not legally necessary, but a good habit)
• find out whether more than one form of protection is required to gain full legal rights
• assess the need for international protection. Registration of IP in Australia does not apply overseas.

For more information about managing intellectual property refer to IP Australia, the World Intellectual Property Organisation or the Intellectual Property Explorer.