Intellectual Property

Protecting intellectual property for businesses of all sizes is crucial for both those who are just beginning and those who are already considered household names. The leadership element has a responsibility to the share and stake holders to ensure that all the necessary steps have been taken to protect the intellectual property within the business.

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The term Intellectual Property or the acronym IP means (and provides) protection for creations of the mind. More specifically, they grant the creators/owners exclusive rights to these creations. Intellectual property is divided into two categories – Artistic Intellectual Property rights, which is protected by Copyrights; and Industrial Intellectual Property rights, which are protected by Patents and Trademarks.

A big mistake about intellectual property is that it is only associated by many to scientific patents, artistic works, song composition and similar. Your Intellectual Property are all information, resorts you have used and products of your work. We are talking about customer lists, business processes, publications, trademarks, etc during and after your employment with the company. These items are considered Intellectual Property and proprietary information.

The main purpose of having intellectual property is to protect your company’s assets and prevent exploitation of others. The licensing of intellectual property has become a multi-billion dollar industry. As a result, entrepreneurs and individuals are finding ways to preserve and maximise the value of their ideas, inventions, artistic creations and other forms of intellectual property.

For more on intellectual property rights, click this link: https://www.smallbusiness.wa.gov.au/business-topics/starting-a-business/intellectual-property/intellectual-property1