16th November 2016 - ADMIN

Digital Evolution

As the Internet evolves and businesses become increasingly digital,  every business needs to consider how intellectual property rights impact their business from how to protect their own IP and also not to risk infringing the rights of others. The globalisation of markets is at  hand where people and cultures are being integrated into larger communities where improvements in technology are increasing the flow of people, business and ideas at an extraordinary speed.

An adaptable company will be actively seeking its fair share of new opportunities and exploring new horizons to have a competitive advantage. Competition is the driving force of adaption and a competitive business will be more proactive in responding to emerging customer needs. The Internet is changing fast so fast that it is essential that your business keeps abreast of best practice when setting up online to protect your intellectual property and to discourage or prevent others from imitating you.

The most important question for a business today is: Are we changing as fast as the world around us?

What is Intellectual Property?

Intellectual property is an umbrella term for legislative and common law rights that protect creative and intellectual effort and includes laws on trade marks, copyright, patents, designs, circuit layouts, plant varieties confidential information, business reputation and trade secrets. Those rights derive from legislation and the common law and is concerned with the protection of property which is of intangible value. IP, therefore, is a system of laws that governs assets that you can’t see and touch (intangibles).

• Legal rights that protect your ideas and inventions
• Allow creators or owners of intellectual property to benefit from their own creator or work
• Right to exclusively use intellectual property
• Protection from infringement

Registrable IP

•  Patents (for new or improved products/services)
• Trade Marks (for logos and brands)
• Designs (for the shape or appearance of a product)
• Plant Breeders Rights (for new plant varieties)

Non-registrable IP

• Copyright (including literary and artistic works, software, databases)
• Circuit Layout Design Rights
• Confidential Information/Trade secrets (client lists, manufacturing specifications, know how, business and marketing plans)

Why are IP rights important?

• Stimulate creativity and reward innovation

• Protection of legal rights encourages authors and producers to produce further works

• Encourages development and wealth creation

• Creates economic growth, creates new jobs and industries

• The progress of society depends on its capacity to create new works

• To discourage potential infringers and act as a deterrent.

• IP represent a valuable business asset that can be commercialised.

• Knowing the value of your IP can attract investors or get the true worth of your business in a sale.

CheckPoint

• Identify your IP.

• Know the value of your IP.

• Protect your IP.

• Keep your ideas confidential.

• Seek advice from an IP professional before you start.

• Research the marketplace.

• Educate yourself on how best to commercialise your idea.

• Watch out for infringers.

Contact w3ip on 1300 776 614 or 0451 951 528 for more information about any of our services or get in touch at law@w3iplaw.com.au
Disclaimer. The material in this post represents general information only and should not be taken to be legal advice.