"Is your idea worth protecting...? Article by Steve Marsten

Recently we have had several new business people talk to us about their new idea or the new concept for commencing a business. People are genuinely very passionate about these ideas and some are being tested in the market while others are still in the concept stage. It’s refreshing to hear new concepts and ideas being taken to market or at least being planned.

Once upon a time it was about the physical property. Who owns the land and what capital gains will they make? How much money could you borrow from the bank using the equity? Now it’s about securing the intellectual property (IP) rights and creating digital products that will enhance our lives.

The most important thing to do is register your IP early or the opportunity may pass. If you can establish that you are the creator and maintain exclusive ownership and control; then you have the right to protect this design for up to 10 years or as a patent – for up to 20 Years. Trademarks are indefinite if you keep up the renewal fees.

The important thing is to be clear that the idea or product you are protecting is original, YOU are the creator and you have not disclosed it to the public domain before registration.

One of the biggest issues is protecting the idea while you develop it. You need to be able to state that the product you are developing or have developed belongs to you exclusively with full title to the ownership rights and cannot be reproduced or used by anyone else in any form. IP notification can then be posted on your website to let the world know. IP registration helps you build your business by protecting your assets and helps fend off unfair competition. It’s much easier to pitch to investors the value of your assets and business when you can show them a registered protection and ownership of your assets.

At Sothertons we walk clients through Effective Business Strategies and solutions to ensure they are aware of what needs to be undertaken to protect their most important assets. Ring us on 4972 1300 for your consultation.