IDENTIFYING, PROTECTING AND MANAGING INTELLECTUAL PROPERTY

DEREGULATION will not just change the way stakeholders work together in the industry, it is my belief that it will cause greater importance to be placed on innovation, establishing points of difference and protecting information. The identification, protection and management of intellectual property and trade secrets will form an integral part of this change. Intellectual property ('IP') refers to a range of exclusive rights, including some you may have heard of including patents, copyright, trade marks, domain names and plant breeders' rights and others you may not, such as trade secrets, and registered designs. IP can be the most valuable asset a business can own because it often forms the crux of its point of difference or provides the strength behind its goodwill or reputation. However, IP can also be the asset most easily lost or destroyed because it is 'intangible' property and depends on sometimes complex searches and registrations. IP offers the best results when attention is paid to the three key steps of: (1) identification of IP (both what you have and what you need), (2) protection of IP (through registrations and agreements), and (3) management of IP (through IP registers and thorough searches). This paper provides practical information applicable to all stakeholders in the industry on how to achieve these steps. The contents of this paper should not replace formal advice by an intellectual property professional.