Your top IP questions answered

IP is a creation of your mind or exclusive knowledge. Your IP is any new products, services, processes or ideas you develop for your business.

It's important to protect your IP because:

• the value of your IP can increase over time
• it becomes a valuable asset that can be licensed or sold
• it stops other people using your ideas without permission
• it helps you to stay competitive.

You should consider protecting your IP as soon as possible to build success as your business grows.

You can protect your IP through these registered rights:

• trade marks, which protect logos, words and other branding
• patents, which protect inventions and new processes
• design rights, which protect the visual design of a product
• plant breeder's rights, which protect new variations of plants and trees including flowers, vegetables, fruits, bushes and shrubs.

Other unregistered forms of protection:

• trade secrets, which protect confidential information that gives your business a competitive advantage
• copyright, which protects art, writing, music, film, and computer programs
• circuit layouts, which protect layout designs or plans of integrated circuits used in computer-generated designs.

You can register most types of IP with IP Australia. However, the  Attorney-General's Department manages circuit layout rights and copyright in Australia.

A non-disclosure agreement (NDA) is a legal contract that protects information if you need to share it with others.

As a business owner, you should get an NDA before telling someone else your business idea. This includes working with accountants, designers and investors.

Secrecy is also important if you intend to apply for a patent or a design right – both require the product to be kept a secret prior to application.

There are many IP professionals who can help you with your IP questions. Some key professionals you may want to engage, are:

• Trade mark attorneys
• Patent attorneys
• IP lawyers.