The importance of intellectual property 

Intellectual property (IP) is property that is created in the mind. There are various types of IP, some of which exist automatically and others which need to be registered.  These are briefly overviewed in the table below. 

Like real property, intellectual property can have a value.  In some cases, the value can amount to millions of dollars if properly protected.

The IP system provides a way to protect that value, by providing exclusivity in some cases such as Patents to the IP owner.

The patent system is used by research and development organisations, including Universities, to protect their considerable investments such as research and development, assist them with commercialisation and maximise returns.

Because many research and development initiatives are collaborative, identifying ownership and inventorship of IP is essential. 

An Australian standard patent lasts for 20 years.  Similar terms apply in most other countries.

Patent Attorneys are professionals who understand both IP and technology generally in the scientific and engineering disciplines.  They can help you assess whether your invention is patentable and in drafting a patent specification, will describe your invention so as to seek the broadest possible protection.   They will also assist in dealing with Intellectual Property Offices around the world. 

General information on patents and other forms of intellectual property may be found at IP Australia www.ipaustralia.gov.au