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Intellectual property (IP) is at the core of every knowledge-based business. But while IP is one of the most important business assets, many businesses fail to recognise the potential of their IP rights. Making the most of the opportunities and advantages your IP presents, could be the difference between success and failure.

What is intellectual property?
IP is an umbrella term that describes, "the innovative idea behind new technology, products, processes, designs or plant varieties, a brand, trade secret, or the goodwill associated with a business, product or service".
Underpinning the term "intellectual property" are distinct rights. Some of these rights are created through a registration process to own the rights. Others exist automatically and remain unregistered. Each right protects distinct aspects of a new innovation and each has different terms.

The main kinds of IP rights
Patents: A patent protects the ideas embodied in new technologies, products and processes. Patents cover a principle or idea and not just a single physical form of an invention. A patent can last 20 years.

Designs: A design protects the appearance of an article, such as its shape, configuration, pattern or ornamentation. A design registration lasts 15 years.

Trade marks: Trade marks protect names, logos, signs, symbols, tastes, smells, slogans, colours and shapes that identify the goods or services of one business and distinguish them from competitors goods and services. A trade mark registration is an enduring right; it can last forever. Trade marks are often called "brands".

Copyright: Copyright protects the particular way in which an idea is expressed. Copyright is a property right which automatically exists in some original works including literary works like articles, website content, promotional material and artistic works like logos and advertisements. Copyright also exists in technical drawings, plans and prototypes. Copyright has different terms depending on the nature of the work but generally lasts for 50 years following the death of the author or 50 years from the end of the calendar year in which the work is created.
 
A single product or innovation is capable of holding more than one of these different IP rights. Other IP rights include trade secrets, confidential information, domain names, business methods and plant variety rights.

An IP strategy is important

An IP strategy is a good starting point for making sure you protect your business's IP properly. An IP strategy aligned with your business strategy will allow you to take advantage of the IP you create and will alert you to any problems with using IP owned by others.

Informed decisions about IP protection can only be made once the potential of the IP has been assessed. While protecting IP can offer advantages to your business, the decision about whether to protect or not, should still be guided by other commercial considerations relevant to your business. These considerations will differ from business to business.

An IP strategy should match your current business strategy. IP is a tool to help businesses achieve their commercial objectives. You need to be clear about what your commercial objectives are to ensure that you do not collect a portfolio of IP rights that do not add value to the business.