Intellectual Property | Western Australia

September 20th, 2018

The intellectual property of any business is an important asset whether collectively or individually. There is no precise definition of “intellectual property” but it can be divided into the areas of trade marks, patents, copyright, database rights, designs and confidential information.

perth news

Intellectual property

Intellectual properties are intangible assets. Hence, they can be financially exploited because like physical property, they can be sold or licensed. Every business possesses such assets whether they are aware of it or not. This is true not only to large corporations, but to small and medium-sized entities as well.

No matter what size or nature of business you are in as long as you have established your presence in the marketplace, you need to protect and manage your intellectual property. Doing so is critical as it can mean the difference between business success and failure.

As a small business owner, you should understand the different forms of intellectual property. You should get acquainted with each of them because while others come into play without the need for a registration process, some involve a formal application and examination process before a right can be registered.

Copyright, design, trade mark and patent are among the most popular forms of intellectual property. Copyright is the right to prevent copying (and certain other acts) in relation to works that qualify for protection. It can in a form of artistic, musical, literary, or dramatic works, written or film. Meanwhile, design is “new” when nothing like it has been previously made available to the public. A trade mark identifies goods or services as those produced or provided by a specific person or enterprise. And, patent gives the inventor the exclusive right, for a limited period, to prevent others from using his invention without permission.

Protecting your intellectual property is crucial. Luckily there are easy ways to do it. Read this post for more details: https://www.smallbusiness.wa.gov.au/business-advice/intellectual-property/protecting-intellectual-property