How To Protect Your Business’s Intellectual Property In Australia
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Do you have a great business idea that you have never seen done before? Maybe it’s a new product or an innovative method of providing a service. Whatever the case, you want to be sure you are properly protecting your business’s intellectual property to avoid losing rights and competitive edge. Identifying, properly registering, remaining cautious of competitors, and understanding your infringement rights are all critical areas when it comes to protecting your business’s intellectual property. It's also good to add to the list of things you need to do when starting your business.
Protecting Your Business IP
Identify Your Intellectual Property
The first step in protecting your business’s intellectual property is to identify the qualifying property. Your business name, logo used, new product, and innovative processes are all considered intellectual property. Take a look at your operations and see if there is an area that relates directly to your business. If so, you may need to consider registering.
Additionally, you want to be sure you understand the different types of intellectual property. Patents, trademarks, registered designs, plant breeder’s rights, geographical indications, and copyrights are common examples in Australia. Each property type will require different registration processes and come with specified regulations.
Register Your Intellectual Property
Registering your intellectual property is a great way to deter competitors and new entrants from taking advantage of your business. Registration can be done on the Australian Government’s website. The Australian Government utilises Upskill to help small business owners understand the different registration processes they may need to complete. However, if you are still confused, consider reaching out to an expert (such as a lawyer who specialises in intellectual property law) to ensure a smooth registration process.
Remain Cautious Of Who Sees Your Intellectual Property
Registering intellectual property comes on a first-come, first-served basis. This means if another individual gets a hold of your idea and trademarks it first, you will have no rights. As a result, it is essential that you remain cautious with who you share your intellectual property details with. When you are using the property to secure investors, lenders, and customers, consider having all parties involved sign an NDA (non-disclosure agreement) to protect your business’s intellectual property.
Understand Infringement Rights
Infringement on intellectual property is not uncommon as the idea, process or name becomes widespread. Consistently review your intellectual property and that of competitors and new entrants to ensure there is no infringement. Lack of legal proceedings against infringement can lead to lost market share and harm your business reputation. Develop an infringement strategy to remain fully prepared when these situations arise.
Protecting your business’s intellectual property is not an easy task, especially with the profound access to technology. However, one aspect of running your business that you can control is your insurance. When lawsuits are brought against you, your business needs the proper coverage, calling on the need to use our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started. Understanding your current coverage and areas of improvement is key to finding the right policy and carrier for your business needs. For more information, reach out to one of our team members.