IP stands for intellectual property and it represents the product of your mind or intellect. It can be an invention, trade mark, original design or the practical application of a good idea. These rights are very valuable assets that can distinguish your business from your competition, making your products and services unique and attractive to your customers. IP rights are different and separate to property rights that exist in the physical product itself. For example, a person may own a book but may not own the copyright (e.g. the rights to reproduce, adapt or publish) in the text, drawings or tables contained in the book.

Intellectual property includes:

Patents
A right granted for any device, substance, method or process which is new, inventive and useful. A patent is legally enforceable and gives the owner the exclusive right to commercially exploit the invention for the life of the patent.

Designs
Protects the shape, configuration, pattern or ornamentation of a product. To be registrable, a design must be new and distinctive. Registration of a design gives the owner protection for the visual appearance of the product but not the feel of the product, what it is made from or how it works.

Trade marks
Are 'signs' used commercially to distinguish the goods and services of one trader from those of another. These 'signs' can be a word, phrase, picture, logo, letter, numeral, shape, colour, sound, scent or aspect of packaging. Registration of the trade mark gives the owner the legal right to use or control the use of the mark for the goods or services for which it is registered.

Copyright
Protects the original expression of ideas, not the ideas themselves. Includes protection for original works of art, literature, music, films, broadcasts and computer programs from unauthorised copying.

Plant Breeder's Rights
Protects new varieties of plants. The owner has exclusive commercial rights to market the registered variety.

Confidential Information
Means information of a truly confidential nature which has been kept secret. It includes trade secrets and other information such as manufacturing specifications, business and marketing plans, client lists and product information not disclosed to the public or third parties. Can be protected by confidentiality agreements with third parties.

Know-how
Refers to the application of tried and tested techniques or processes to new situations.

These forms of IP and others will be discussed in more detail in this booklet. Other intangible assets such as business names, domain names, employees’ specialist knowledge and customer lists will also be discussed. These and other intangible assets are often the building blocks of new business and form key parts of your ultimate business plan. If the plan is a good one, these assets could become more valuable. So from the start, be aware of the importance of your IP assets and ensure they are well protected and managed.