Intellectual Property (IP) is a term that describes the application of the mind to developing something novel. IP can exist in many forms: a new invention, formula, computer code, brand, design or artistic creation.
IP is often the most valuable part of a business. It needs to be well managed and protected – particularly at business inception, but also in the later stages of the business cycle with well drafted contracts and careful negotiation.
Types of intellectual property law include:
- Copyright
- Patent
- Trade mark
- Design
Commercialisation
Commercialisation is the process of getting your intellectual property to market. There are many different issues to consider when commercialising in Australia and internationally. First and foremost, it is crucial that you have the appropriate protection in place. For example, suitable confidentiality agreements with all parties before you disclose the IP. Our intellectual property lawyers are experienced in drafting and negotiating confidentiality and rollout agreements.
Licensing is a common strategy to commercialise intellectual property. IP licensing gives the licensee the right to use (but not own) the copyright, patent, trade mark, design, technology, technical know-how or specific marketing skills to their advantage. They can use the IP right for a defined purpose, in a defined territory, for an agreed period of time. The licensee isn’t paying for a product, they are paying for access to legal exclusivity. There are different types of licensing available. A franchise is a form of licence, while assignment is different again because it is the outright sale of IP.
An example of our intellectual property lawyers’ work includes advising a PHD student in relation to her ownership rights with respect to IP created by her in the course of her research for her masters thesis. We also prepared a confidentiality deed to be used during the presentation of her research to third parties. Tertiary institutions are keen to commercialise IP that belongs to the university. It is therefore essential to have a customised agreement clearly setting out who owns the IP.
Clients seek the expertise of our Perth intellectual property lawyers because we can be relied upon to identify, secure and protect their valuable intangible assets. Our goal is to help protect your intellectual property by putting in place the right documentation to maximise the value derived from commercialisation.