What are Intellectual Property Rights?
Intellectual Property (IP) is the term used to describe creative ideas.
IP is property of your mind or new ideas you create. IP can be an invention, idea, innovation, trade mark, logo, slogan, product design, or brand.
Many think that just because they thought of it, it is theirs. Little do they know it’s already been protected and Registered as IP by others.
Searches should be firstly conducted to assess whether there is a potential IP breach or infringement. Then a Patent Attorney or Trademark Attorney can assess the idea or trademark on whether it would meet the Examination and requirements.
IP is the exclusive right of a person or a company to exploit, use or licence to others its own plans, ideas, or other intangible assets without the worry of competition, at least for a specific period of time.
IP rights can include product designs, copyright, patents, trademarks, and trade secrets.
Main Types of IP Protection
A Patent grants exclusive rights to an invention, allowing the Patent owner to exclude others from making, selling, or using the invention. The Patent owner can earn income from the patent by either selling the idea themselves or granting licences to others to earn royalties. You get a patent when your Patent Attorney files a patent application with IP Australia, the Australian Patent and Trademark Office.
A Trademark is a word, phrase, symbol, logo, brand or slogan, etc that distinguishes your goods or services from your competitors.
3. Trade Secrets
A trade secret is an idea that companies can keep private to give them a business advantage over their competitors. Usually this is the option if your idea is incapable of being reverse engineered. Examples of trade secrets include:
- Beveridge formulas such as coke’s formula.
- Customer lists
- Computer algorithms
4. Product Designs
A Product Design is able to protect any NEW appearance of any product. Example include a new bicycle helmet design, a shaver head, a spoiler for vehicle, etc.