What is Intellectual Property?

Intellectual property (IP) represents all rights and entitlements obtained from mental or intellectual activity. This can come in the form of an invention, trade mark, original design or the practical application of a good idea.

When you trade on the internet you effectively have a global business, because anyone anywhere can access your website. The internet provides access to almost unlimited information. Therefore it is more important than ever to protect your intellectual property from unlawful use or from other business’s “passing-off” your intellectual property by attempting to mimic your brand logo or colouring on their own products.

IP rights are an incentive to encourage and reward innovation. They provide a competitive advantage and can also form an important asset on the balance sheet of a business.

The different types of intellectual property protection are:

•   Patents, which protect the use of ideas or information either in products or processes.

•   Design – protects the appearance of, or overall look of a product. A monopoly is granted over such features as ornamentation, pattern, shape and configuration.

•   Copyright – The exclusive right to do, or to authorise another person to do, certain acts in relation to the work or subject matter.

There are different ways you can protect your intellectual property. These are known as IP strategies. An IP strategy keeps you focused on your IP, what you own, what you use, how it is protected and whether it is being exploited to your benefit.

Whatever strategy you adopt to protect and exploit your IP, it should be integrated into your business plan. Explore all the options available and seek professional advice. Here at The Quinn group, our team of experienced IP Lawyers and Business Strategists can help you determine which type of Intellectual Property protection is the most suitable for you and can also advise you on any related issues you have concerning your business. If you would like more information on how Intellectual Property can help protect your business, please do not hesitate to submit an online enquiry or call 1300 QUINNS (784 667) to book an appointment.