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Why think about protecting your Intellectual Property

Registered IP rights give you the exclusive right to determine who can use your IP and how it can be used. They give you the opportunity to sell, licence, promote or develop your product while limiting competition from other businesses or individuals for set periods. They also reduce the chance of your idea being replicated and passed off as those of a rival trader.

Registered IP rights can be sold for financial gains. They can also be extremely valuable in opening up new opportunities. For example, IP rights can be used as a bargaining tool for a startup looking for investors, or licencing a product to be made overseas to expand an established brand’s market share.

5 Tips when protecting your unique ideas

  1. Know your IP: Take some time to think about what is that is unique about what you do and that sets you apart from your competitors
  2. Do your research: Check that your ideas are actually unique
  3. Beware of publicity: Don’t share your ideas publicly until you have them protected. Once the idea is out it may be hard to protect it.
  4. Keep it a secret: Until you have protected your idea keep it to yourself. If you do need to share it with someone ask them to sign a Non-Disclosure Agreement (NDA), in which they say they will keep it a secret too.
  5. Don’t wait until it’s too late: The clock is ticking, the longer you take to protect your IP the more likely it is that someone else will come up with a similar idea.

Case study: Ngarga Warendj with Alperstein Designs

Mick Harding, is an artist currently collaborating with Alperstein Design and belongs to Yowung-Illam-Baluk clan of the Taungurung people. In this video, you will hear from both Mick and Marc about copyright, how collaboration works and important details about ethical licensing.

Source: ipaustralia.gov.au