The intellectual property (IP) of your business is one of its most valuable assets. As such, it needs to be carefully and properly managed. The success or failure of your business may hinge on the management of its IP, especially in relation to IP protection and commercialisation.
IP Online: Why do I need to protect my IP?
Without IP protection, such as a patent or a registered design (protects the unique appearance of a product), a new invention is just an intangible idea of questionable value. A patent or a registered design provides a legal framework over which to assert a monopoly over your innovation or idea and can be used to stop a third party from copying your idea and unfairly profiting from it.
IP Online: How do I get the best results from my IP?
Lodging an Australian provisional patent application with IP Australia online often starts the protection proceedings. Since IP is such a valuable corporate asset and because the quality of the drafting of the patent application dramatically impacts on whether copiers are able to find ways around it, patent applications should always be prepared by a patent attorney. Patent applications should be drafted without any undue limitations to provide the best chance of stopping a competitor copying the invention.
A commercialisation strategy tailored specifically to address the needs of your business and maximise the profits you can extract from your IP should be your next approach. Retaining professional services for the development of a commercialisation plan enables you to take advantage of the market experience of a commercialisation expert, gaining valuable insights that minimises drawbacks and maximises your return on IP investment.
IP Online: What are the benefits of “go-to-market” or commercialisation strategy planning?
If you are seeking to prove that your innovation works, convert it into a prototype or product or sell your IP, you may need to:
- raise capital through a government grant or investment;
- negotiate a licence agreement; or
- enter into a strategic partnership.
Operating as a successful business requires that you:
- identify and understand inner workings of your market;
- create a corporate identity that will give the appropriate impression to your clients and customers; and
- select a sales strategy that will convince buyers to do business with you on the right terms.
The experience of a commercialisation expert will also prevent you from making beginner’s errors that could damage your competitive edge.
Links to Helpful IP Online Sites
- IP Australia — the Australian Government agency responsible for administering patents, trade marks, designs and plant breeder’s rights.
- AusPat — a database and search engine for Australian patents.
- WIPO — World Intellectual Property Organisation.
- Intellectual Property — a guide on intellectual property provided by business.gov.au.
- Austrade — Austrade is an Australian government agency that assists Australian businesses contribute to national prosperity by succeeding in trade and investment, internationally, and promoting and supporting productive foreign investment into Australia.
- business.gov.au — a government service providing essential information on planning, starting and running your business.
- Patent Search Online — service for discovering whether your idea is patentable
- Patent Attorney Directory — current information on main Australian patent attorney firms
- Baxter IP, Patent & Trade Mark Attorneys — information about IP searching.
- Baxter IP — the international website of Baxter IP, Patent & Trade Mark Attorneys.
- Intellectual Property Research Institute of Australia — the Intellectual Property Research Institute of Australia (IPRIA) is an initiative of IP Australia, established to increase the understanding, creation, use and exploitation of intellectual property by Australian organisations and individuals.