Protecting intellectual property (IP) gives the business owner exclusive legal rights to commercially exploit IP over a prescribed period.

With the exception of copyright and circuit layout rights, where legal ownership arises automatically, IP must be formally registered to gain legal ownership. Formal registration of IP can be made through IP Australia. Or, you can seek professional assistance for the registration of IP. The Law Society of NSW can provide names of IP solicitors that can help with the process.

The most common legal protection of IP includes:

Patents

Patents protect inventions such as new products, innovative machinery/equipment or a new process.

A standard patent provides valuable protection for 20 years over a new technology. This enables a business to benefit from the technology and includes reaping significant long-term gains.

Specific patents can also be applied to computer-related inventions, plants, micro-organisms (and related biological material), genetically-manipulated organisms and business schemes.

Trademarks

A registered trademark entitles the owner to exclusive rights to use, license or sell the trademark. A business owner can register almost anything including a word, phrase, letter, number, sound, shape, logo, picture, package and even a smell.

This type of protection is useful in protecting business names, product names, logos, mottos or even an animated character.

Registered designs

Design registration is an effective way of protecting the appearance – rather than the functionality – of a product. By gaining exclusive rights over new designs, businesses can market an exclusive image to the market.

Copyright

Copyright protection arises automatically for original artistic and literary works, computer programs and engineering drawings. To identify copyright, use a © symbol plus the date and business name.

Other forms of intellectual property protection include:

• circuit layout rights· plant breeder’s rights
• confidentialty or trade secrets.

Refer to IP Australia for more information on IP protection issues.