Protection of a business’s intellectual property rights gained through research and innovation should be a priority. Particular care needs to be taken in entering overseas markets with issues such as providing samples, seeking partners and publishing detailed product information.
A business's intellectual property is a valuable asset and may cover a range of activities including ideas, products, services, technology and promotional literature.
Major categories of intellectual protection include:
Patents – to protect inventions of products & processes
Trademarks – to protect words, symbols or pictures
Copyright – to protect artistic, literary works, programs
Trade secrets – to protect know-how and information
Layout rights – to protect electronic designs
Plant breeders rights – to protect new plant varieties
In overseas markets, intellectual property protection is only effective if enforced by courts in cases of infringement. Enforcement can be costly and protracted. When providing know-how and technical information, businesses should insist on confidentiality agreements and obtain sound legal advice.
Registration of worldwide patents and trademarks is very expensive and may be difficult to enforce in certain markets where copying is endemic despite legal protection in theory. Some businesses may decide to maximise sales and profits very quickly before competitors have an opportunity to copy a product or service.
Protection of intellectual property is a calculated risk in exporting but can be managed by obtaining advice from local patent attorneys and lawyers. IP Australia is the federal organisation which provides legal information and advice on registration of trademarks, patents, designs and intellectual property.