Protecting Your Most Important Assets – Intellectual Property Rights

When thinking about how to protect company assets, most business owners immediately consider tangible items like land, buildings, machinery, vehicles or inventory. However, one of the most valuable and often overlooked assets in any business is its intellectual property (IP). Failing to identify, register and defend these rights can lead to lost revenue, reputational damage and a significant advantage handed to your competitors.

To stay ahead in today’s competitive landscape, it’s essential to understand the types of intellectual property and how to protect them.

What is Intellectual Property?

Intellectual property refers to creations of the mind, innovations, brands, artistic works and trade secrets, that have commercial value and can be legally protected.

Your business’s intellectual property might include:

• Patents

• Trade marks

• Designs

• Copyright

• Trade secrets

Let’s break these down.

Patents

A patent grants an exclusive right to commercially exploit a new invention. This could be a product, process, method or substance that is novel, inventive and useful. In Australia, patents generally last for up to 20 years, provided annual renewal fees are paid.

Important Tip: If you plan to patent something, do not make it public before filing. Disclosures to employees, consultants or potential investors should be made under a non-disclosure agreement (NDA).

Downside: Patent applications are technical and legally complex. We recommend working with a registered patent attorney to give yourself the best chance of success.

Trade Marks

Trade marks distinguish your products or services from those of your competitors. These can include names, logos, slogans, sounds, shapes, colours, and even scents.

Registering a trade mark with IP Australia gives you the exclusive legal right to use, license or sell it in relation to the goods/services it is registered for.

Pro tip: Before applying, perform a trade mark search to ensure it’s not already taken—using someone else’s registered mark can lead to legal disputes and forced rebranding.

Designs

Design rights protect the visual appearance of a product, its shape, pattern or configuration. Think of a uniquely shaped perfume bottle or a stylish new chair.

To be eligible, the design must be new and distinctive, and used in commercial applications, not fine art. Once registered, you gain exclusive rights to use that design in Australia for up to 10 years.

Copyright

Copyright protects the expression of original ideas—not the ideas themselves. It applies automatically to:

• Literary works (books, blog posts, software code)

• Artistic works (photos, illustrations, graphics)

• Music and sound recordings

• Films and broadcasts

In Australia, registration is not required, and copyright exists from the moment the work is created.

Trade Secrets

A trade secret is confidential business information that gives your business a competitive edge. This might include:

• Recipes or formulas (like the Coca-Cola formula)

• Customer databases

• Manufacturing processes

Trade secrets are not registered, so legal protection relies on confidentiality. Use NDAs and internal protocols to manage access to sensitive data.

Final Thoughts

Intellectual property is a powerful asset, but only if you know it, register it, and protect it. Many businesses don’t realise the full value of their IP until it’s been copied, stolen or misused.

At Dolman Bateman, we work with businesses to ensure their IP is identified, valued, and adequately protected as part of a broader risk management and business strategy.

Recommended Actions:

• Audit your current business assets for IP

• Register patents, trade marks and designs where applicable

• Use NDAs with staff, contractors and collaborators

• Seek legal advice before disclosing or commercialising new ideas

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Disclaimer:

The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.