Protecting your intellectual property – and fighting back against infringement
In addition to your facility, inventory and human capital, one of the most valuable things you own as a business leader is your intellectual property. After all, your company's ability to make money hinges on having an idea for a product that is unique and highly marketable.
If a competitor swoops in and tries to sell the same product that you do, it could be a major problem for your business.
This is why your IP needs to be adequately protected. After all, if a competitor swoops in and tries to sell the same product that you do, it could be a major problem for your business. You should be putting legal protections in place, such as patents and trade marks, that keep other entities from stealing your secrets and selling them at a profit. Let's walk through that process.
Identifying your most prized properties
According to the South Australia Department of the Premier and Cabinet, understanding intellectual property law in Australia and starting to manage your IP is one of the first steps you should take to build a more profitable business. If you don't protect what's yours, it's hard to be confident you can make money off of it.
This means you need to take a full account of all the products and ideas that make money for your business. These might include pieces of writing, designs, logos, plans and processes. For each of these pieces of IP, you should have a dollar value in mind of how much it's worth to you. This will make it easier to make sound decisions about managing your portfolio.
Enforcing your right to your IP
If you ever find yourself in a situation where another party is infringing on your IP, you might be headed for a confrontation. You should have an infringement strategy ready for such a situation. How will you address the offending party? Will you be able to convince them to back down?
IP Australia recommends using an approach that escalates gradually. You may want to begin with a friendly phone call or email that politely asks to resolve the issue, but if that doesn't work, you might have to get more aggressive about demanding a response. This may require having copyright lawyers in Australia who can weigh in on the process.
Getting the legal assistance you require
At Alder IP, we understand fully that your company's intellectual property is one of its most valuable assets, and we want to help you protect it. That's why we have a wide-ranging suite of services, helping you with everything from registering a patent in Sydney to resolving messy legal disputes. Contact us today for whatever legal help you need involving intellectual property.