Protect your intellectual property
If your business is one based on ideas and innovations, intellectual properties are something you should be familiar with. There are laws in place. The intellectual property and intangible assets of the business include trademarks, patents, designs, formula, trade secrets, etc. the Intellectual Property law in Australia is designed to protect businesses that have developed an original product so that they will have a competitive advantage while also encouraging innovation. There are many international laws on IP as well as Australia is a signatory to many of them. This means that the IP of foreign businesses are protected in Australia while that of Australia is protected in other countries too. The Government agency in charge of IP laws and rights administration is IP Australia.
Having an Australian patent gives you a legal right to prevent third parties from using, manufacturing and/or selling an invention in the country. You can also patent your licence to another person to manufacture your invention based on terms agreed between both parties. It is advisable to seek expert advice when getting patents. You will need to apply for patents, and your application will be assessed before it is granted. There are different types of paten that you may get.
This provides a long term prospectus of up to 20 years in your invention. If it is a pharmaceutical substance, the patent will last for as long as 25 years. For an invention to get a standard patent, it must be new, applicable to industry, and involves an inventive step which shows its originality and technicality.
This is protection for a short period of a maximum of 8 years for a product that will soon be replaced with a newer invention. It is advisable to get this innovation for computer-based inventions.
Trademark refers to marks that are unique to the product. It is a way of identifying a product and distinguishing it from other competitors of the product. It can be a letter, number, sound, smell, logo, phrase, picture, packaging, movement, or a combination of many of these elements. The trademark must be unique, and it is not the same thing as a domain name, company name, or business name. You have to determine if the trademark qualifies. Once you get a trademark, you must make sure you use it constantly for it to be valid. Failure to use your trademark for a period of up to three years may lead to its removal for non-use.
This is your unique internet address that lets people enter websites. It is unique, and the .au Domain Administration registers, administers, and regulates websites ending with .au. Any domain name you are using must be available, and your business must meet all the eligibility criteria.
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