- Intellectual property protection is for large businesses, not small start-ups
Wrong. Most businesses can benefit from some sort of IP protection. Failure to secure your patent, trade mark, design registration or domain name can leave you open to competitors and result in loss of income and possible infringement of another person’s registered IP.
- If you have an idea for a new product you automatically own it
Wrong. To secure and prove ownership of your IP, you need to apply for the relevant IP protection by registering it with the appropriate authority. In Australia, you register patents, trade marks, design registrations and plant breeder’s rights with IP Australia or contact your patent attorney and they can file an application on your behalf.
- If a patent application is granted, it must be a good idea
A granted patent is no guarantee that it is a good idea or that it is commercially viable. Only a small percentage of patented products actually make it to the market, and only 3% – 4% of patent holders make money. So, having a patent does not guarantee success. Turning a good idea into a commercial product requires time, resources and hard work.
- If you own the patent, nobody else can copy your invention
IP protection gives the owner exclusive legal rights to the patent in the countries in which they are filed. However, if an infringement occurs the patent holder will need to enforce those rights, and this may require legal action.
- An inventor can save money by self-filing their patent application
Yes you can self-file, but if you don’t have the appropriate legal expertise and knowledge of patent law you could make costly errors that could compromise your IP, jeopardise your future income and derail your enterprise.
- If you have a registered business name or domain name, you don’t need to apply for a trade mark
Wrong. To have legal ownership of a name and to be able to take action against illegal users, you need to register it as a trade mark.
Need IP assistance? Contact mdp Patent and Trade Mark Attorneys or call (03) 9620 9660.
Need Commercialisation assistance? Contact INNOVIC on or call (03) 8060 3504 or 0402 305 118
