What is Intellectual Property?
If you are into business, you might be aware of the term “Intellectual Property”.
Intellectual property or simply IP means the creation of new ideas from mind or intellect that can be legally owned. Examples of intellectual property are business names, manuscripts, designs, inventions, and logo of the company, artwork, website content, product names, or any kind of original confidential information related to your business. In fact, any form of IP that your business might possess needs to be protected so that no one else has the right to use it without your permission.
Always remember that information is much easier to access as compared to 50 years back. So, you need to safeguard your intellectual property or product ideas from theft and copying. If not protected, anyone can copy your ideas and start their own business, and you will not be able to do anything.
Why is Intellectual Property needed?
Whether you are a start-up or a multinational company, protection of IP rights is a must for long term financial success and help to give tough competition to your competition. It should be a priority for your business. By protecting IP rights, you can always opt for an adverse possession claim in case someone else steams your original ideas.
You can formally register your IP at IP Australia, the federal government agency. This federal agency grants rights in patents, trademarks, designs, and plant breeder’s rights.
For the protection of Intellectual Property (IP), various federal and state laws are there. IP laws allow for the protection of ideas and unique creations that exist in every business.
For any kind of information regarding IP rights, you can seek the help of IP lawyers in Perth. For the right guidance, you can always contact Property Lawyers Perth WA, who specializes in IP rights as well as deceased estate cases, property transactions, estate planning, and all other property-related issues. Here, lawyers can also help in adverse possession claim if the situation arises.
There are also some steps that you can take to safeguard your intellectual property.
5 ways to protect IP rights!
To make your business successful and to remain ahead of your competitors, you must keep business ideas and trade secrets a secret. Here secrets mean secret and you cannot share them with anyone, until and unless you have secured your intellectual property.
There are certain elements in business that must not be made public. Do not trust anyone easily when it comes to business secrets.
To protect your intellectual rights, thorough and proper documentation is a must. When preparing documents, you can consult a lawyer too.
A lawyer can help you prepare the papers that can prove you are the owner of the intellectual property and all the ideas and plans are original. Documents can be in the form of drawings, documents, plans, and descriptions.
Proper documentation is a must as it will help in adverse possession claim in the future when someone else challenges you for your trademarks and copyrights.
Apply for a Trademark
Once you have started your business and you have decided the name and logo, register those trademarks as quickly as possible. Here there is no question of delay.
Applying for a trademark will ensure that no one else can use the name and logo without your prior permission.
Registering a trademark is a simple process but highly beneficial for the success of your business.
Apart from name and logo, you can also trademark sounds, colors, smells and movements that are unique to your name or products.
Go for Registration
To protect your business rights, you need to register all your IP, trade secrets, and creative works.
Consult an Intellectual Property lawyer and know about the process in details. A lawyer can help you prepare all the documents required to register the rest of your assets. Here detailed documentation of your intellectual property will be needed before registration. This is important for your business if in future there is a need for adverse possession claim.
For registration, you will have to pay some money, but it is always a good investment.
Even after trademarking your business and registering all your IP, trade secrets, and creative works, you must protect your business secrets or ideas with a confidentiality agreement.
To know about the benefits of confidentiality agreement think about the recipe for Coca Cola. With the use of confidentiality agreement, the recipe for Coca Cola is well protected since years.
So, before you discuss anything confidential or important segment related to your business with anyone else, the person must sign a Confidentiality Agreement.
To prepare a Confidentiality Agreement, you can consult IP lawyers in Perth. Contact Property Lawyers Perth WA, for the right guidance.