IP Protection for Businesses

Week 7

“What are some of the measures which business can take to protect its Intellectual Property (IP)? Why is it important for a business to understand ownership of IP rights?”

It is important to understand IP rights for businesses which use, own or have acquired IP to ensure against infringement. I personally have created IP and use others’ IP, similar to how many businesses do. In light of the Copyright Act 1968 and the Trade Mark Act 1995, I have been examining ways businesses can protect their IP.

The Institute of Chartered Accountants Australia (2011) highlighted that awareness of IP ownership is very important for businesses. More information on ownership under the Copyright Act 1968 and the Trade Mark Act 1995 can be found here. Though my employment as a Student Ambassador for QUT I have created IP. However, the subsisting ownership in my literary creation belongs to QUT, under Section 35(6) of the Copyright Act 1968. In regards to trade marks the owner is the person who has registered the trade mark. For businesses which have created IP, awareness of ownership is important as such IP can become very valuable assets.

Additionally, a US study has revealed that businesses consider trade marks and copyright to be some of the greatest IP assets to them and that protection is a recurrent concern. (New pilot survey reveals importance of intellectual property, 2012). In Australia most businesses use or create copyright though their advertising or have registered their name as a trade mark. For such businesses to exploit their IP for competitive advantage and marketing it is essential to secure IP against infringement (Business Link, n.d.). One example is Microsoft Office which I, along with businesses, use day-to-day through a licensing agreement and such a licence protect both me as the customer and Microsoft, the owner.

Reference List:

Business Link, (n.d.). Protecting intellectual property. Retrieved from: http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1074300698&type=RESOURCES

Copyright Act 1968. Retrieved from: http://www.comlaw.gov.au/Details/C2012C00265

Institute of Chartered Accountants Australia. (2011). Business briefing series: 20 issues on intellectual property. Retrieved from: http://www.charteredaccountants.com.au/Industry-Topics/Business-management/Recent-headlines/News-and-updates/Intellectual-property-offers-great-opportunities-for-businesses.aspx

New pilot survey reveals importance of intellectual property. (2012, February 27). R&D Daily. Retrieved from: http://www.rdmag.com/News/2012/02/Policy-Industry-Patents-New-pilot-survey-reveals-importance-of-intellectual-property/

Trade Mark Act 1995. Retrieved from: http://www.comlaw.gov.au/Details/C2012C00161