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 its protection and its commercialisation.
IP —Patent: Why do I need to protect my IP?
Without IP protection, such as in the form of a patent, a new invention is just an intangible idea of questionable value. A patent provides a legal framework over which to assert a monopoly over your idea and prevents a third party from copying your idea and unfairly profiting from it.
IP —Patent: How do I get from IP to patent?
Lodging an Australian provisional patent application with IP Australia is often the first stage of the protection process. 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.
IP —Patent: Managing my IP
The implementation of a patent management strategy may depend entirely on a company’s management structure and the level of its IP development. Superior patent management systems make use of a central information hub, often based in a company’s central legal department, to integrate the protection and internal dissemination of the IP across different divisions. This, in conjunction with an established patent portfolio, represents an increasingly valuable investment for a company.
IP —Patent: Implementation of the patent management system
A patent management system may require considerable modifications to standard operating procedures, specifically in the areas of:
- employee training;
- documentation procedures;
- organisation of intellectual property related matters;
- possible review of employee hiring practices;
- relevant employee forms and agreements;
- information dissemination; and
- policy development.
IP —Patent: Who can help turn my IP into a patent?
Patent attorneys are specially qualified to represent patent applicants or patent holders. They can help clients in filing and prosecuting patent applications, maintaining granted patents, and acting for clients in patent oppositions, invalidations or infringement actions Patent attorneys also assist clients in managing their IP portfolios, providing information on patents and registrations held by others, and advising on whether developments of clients infringe or might infringe rights held by others.
Important Disclaimer: The information on this website is not legal or professional advice. The information may:
- not be correct;
- only relate to the law or practice in a given country; and/or
- be outdated.