Intellectual property law is designed to encourage innovation by offering protection to those that develop original designs, processes and formulae. These protections allow them to maintain their competitive Read more
Intellectual property law is designed to encourage innovation by offering protection to those that develop original designs, processes and formulae. These protections allow them to maintain their competitive advantage and therefore profit from their work. IP Australia is the Australian Government agency that administers intellectual property rights and legislation.
What is intellectual property?
Intellectual property includes patents, copyrights, trademarks, designs and secret processes and formulae. The main requirement is that they be original, and if they satisfy the requirements for intellectual property and they are properly protected, the owner is granted a monopoly by law. This is incredibly important in industries where R&D costs are high and where there is a high risk of failure. Intellectual property law incentivises innovation by preventing other businesses from stealing ideas after they have been proven to work.
Types of intellectual property
What are the drawbacks of protecting IP?
Protecting your intellectual property offers clear advantages by preventing your competitors from using your innovations, however it can be an expensive and time-consuming process. In some cases, competing businesses can create a derivative product or service which offers many of the same benefits without infringing on intellectual property rights.
Intellectual property lawyers are experts in determining the benefits of protecting intellectual property and advise businesses on whether the cost is justified. They are also well-versed in the process and provide businesses with accurate timelines and costs, before guiding them through the intellectual property registration process.