[adning id=”12070″]

[adning id=”12070″]

Intellectual property basics – what every small business should know

Have you ever wondered whether you have any intellectual property (IP) in your business? IP refers to creations of the mind and includes things like a brand name, logo, invention, design or artistic work, or new plant variety. That’s a wide range of creative assets, so it’s likely that your small business has some form of IP that can be protected with an IP right. 

IP rights give you exclusive legal rights to profit from your ideas. There are four IP types you can register with IP Australia, the government agency that administers IP rights — trade marks, patents, design rights and plant breeder’s rights. 

  • Trade marks: A trade mark protects your unique brand and distinguishes your product or service. Trade marks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these. Registered trade mark owners have exclusive rights for 10 years and registrations can be renewed indefinitely. IP Australia’s TM Checker tool makes it easier for small businesses to apply to register a trade mark in minutes from $330. 
  • Patents: A patent protects an invention, or how something works. It may be a device, substance, method or process but it must be new, useful and inventive in order to be granted a patent. Lasts up to 20 years (for a standard) to 25 years (pharmaceutical). 
  • Design rights: Protects the overall appearance of your new and distinctive product for up to 10 years (renew registration at 5 years). The appearance may be a combination of shape, colour, configuration pattern and ornamentation. 
  • Plant breeder’s rights: A plant breeder’s right protects new plant varieties. It could be for a new variation of flower, vegetable, fruit, tree or plant. Exclusive use of new varieties of plants lasts for 20-25 years, depending on the plant type. 

To work out which of these four IP rights apply to your business, try IP Australia’s Choosing the right IP tool to help you identify what type of IP protection you may need in two easy steps. You may need to protect your idea with multiple types of IP rights. 

Registering for an IP right is not just about protection, but it can potentially increase the value of a business by creating valuable IP assets which can be commercialised through licensing, transfer or sale. 

There are other types of IP including copyright, circuit layouts and trade secrets that are not administered by IP Australia. Copyright protects art, non-commercial designs, music, literature or film. Copyright protection is free and applies automatically. To learn more, visit the Copyright Council website. 

SBW24

Other great tools to protect your IP include non-disclosure agreements and confidentiality clauses in contracts. To learn more about how a registered IP right supports your business’s success, and how to apply, visit the IP Australia website. 

Facebook
Twitter
LinkedIn
Email
Print

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?