IP Protection – Necessity or a Waste of Money?

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Servcorp Business Shorts presentation by Brendan Sheehan from Hunt and Hunt, on "IP Protection – Necessity or a Waste of Money?"

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IP Protection – Necessity or a Waste of Money?

  1. 1. IP Protection:Necessity or waste of money? Brendan Sheehan Senior Associate 26 September 2012
  2. 2. OverviewIn focus:1. What is IP and why is it valuable?2. How do we protect IP?3. Tips and traps!2
  3. 3. What is IP and why is it valuable? Types of IP| Examples | How can you use your IP? | 13
  4. 4. Types of Intellectual property• Intellectual property takes many forms – Business names / domain names – Copyright – Trade marks – Designs – Patents – Trade secrets – Confidential information – Circuit layer rights – Plan breeder’s rights• IP rights in Australia not automatically protected overseas – Generally territorial – Some arise by use4
  5. 5. How can you use your IP?• Some of the possible benefits of IP (subject to the law) – Generate revenue – Raise prices – Achieve dominance in a market – Add value to the business as a whole• Some practical techniques – Licensing – Restricting supply in a market – Sale of IP5
  6. 6. How do we protect IP? Audit | Understand | Registration | Action | 26
  7. 7. Audit• An audit of IP is the first step towards a successful strategy – Identify potential IP – Identify nature of each item – Determine whether the business has exclusive rights – List all registered IP and an estimate of its value – List all other IP and an estimate of its value – List any other intangible assets7
  8. 8. Understand• Understand the nature of IP• For example, design or copyright? – Distinction important – Copyright automatic – Design must be registered8
  9. 9. Register• Register all IP that can be registered• Registrable IP – Patents – Trade marks – Designs – Plant breeder’s rights9
  10. 10. Act• Copyright, circuit layer rights and trade secrets are not protected by registration and require different methods of protection – Confidentiality agreements – Staff training – Other strategies10
  11. 11. Practical tips and traps! Problems | Common mistakes | Tips | 311
  12. 12. Problems• “I thought it was a company”• “Everybody else does it”• “It’s on the internet”• “I just signed it, I didn’t read it”• “I checked Wikipedia”12
  13. 13. Common mistakes• That IP protection is universal• Assuming that all procedures and laws are the same worldwide• Not using IP protection systems• Applying too late for IP protection• Disclosure of information without Confidentiality Agreement• Disclosure of design before commencing registration• Infringing IP rights of others• Not defining IP ownership in outsourcing manufacturing• Licence IP in market where licensed design/patent not protected• Using a TM that is inappropriate in overseas market13
  14. 14. Tips!• Do you homework• Due diligence• Be informed• Seek assistance from Government and trade bodies• Get advice14
  15. 15. Questions? Brendan Sheehan Senior Associate Hunt & Hunt T +613 8602 9215 E bsheehan@hunthunt.com.au www.hunthunt.com.au

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