Intellectual Property (IP)

Australia has proven to be one of the most innovative countries in the world and has a history of capitalising on our intellectual property. Indeed, Australian innovators are responsible for many fantastic products, some which have changed the world and the way we live, such as:

Refrigeration                                  Lawn Mower Utility Vehicle Ready Mix Concrete Hills Clothes Hoist The Pop Top Can Wine Casks The Marine Torpedo The Triton Work Bench Mobile Police Radio Radar Cochlear Implant Black Box Flight Recorder		1955 model of a Hills Hoist. Invented by Lance Hill in 1945.
	Source: National Museum of Australia
		Cochlear implant system (Cochlear Pty Ltd).  Invented by Graeme Clark in 1978.
	Source: Powerhouse Museum

Intellectual property (IP) can be considered as any product of the intellect that has commercial value. This includes copyrighted property such as literary or artistic works, and ideational property, such as patents, business methods, and industrial processes.

IP can be formally protected under copyright, a patent, registered design or trademark. These formal processes generally entail disclosing the product in public in return for monopoly access to commercial markets for a limited time. Alternatively, IP can be maintained as a ‘trade secret’, where details of the product and how it is produced are kept private.

Each pathway offers different commercial options, and will require different strategies. Which pathway you take will depend on a number of variables:

1. Whether the idea or product is truly new
2. How the product can be applied commercially
3. How easily the product can be reverse engineered
4. The nature of the product market and existing competitors
5. The goals and objectives of the inventor or assignee

This is by no means an exhaustive list.

Before making decisions about what your options are and which path you should take, it is advisable that you do some homework and get professional advice. There are many obvious pitfalls, as well as potential opportunities, that can be identified early in the process before you commit yourself to large amounts of time and money.

The NIC does not provide legal advice and you should seek advice from a patent attorney or a legal professional prior to making decisions. However, we can point you in the right direction.

To see we can help, please see our Services page