Why your business needs an IP Management Plan
Updated: Nov 3, 2020
Intellectual Property (IP) is a valuable business asset that must be managed and protected accordingly. A business generates Intellectual Property (IP) through its business activities, including business names, logos, programs, publications, websites, marketing materials and information databases. These are key components of success in business today, and are often the edge which sets apart your organisation and projects from others. As world markets become increasingly competitive, protecting your organisation’s IP becomes essential.
Indigenous businesses and organisations should be able to identify and manage the IP they develop to ensure it is protected and not given away inadvertently.
What is Intellectual Property (IP)?
Intellectual Property (IP) is a term used to describe the intangible property that is the result of human creativity and protected by special IP laws. One of the keys aims of IP laws is to enable recognition and financial benefit to be obtained from intellectual creativity. This creates an environment that encourages innovation and creative output.
There are many different types of IP including copyright, trade marks, designs, patents and plant breeder rights. As an Indigenous legal firm, we include Indigenous Cultural and Intellectual Property (ICIP) under the category of IP, although unfortunately, there are no specific laws that protect this. For more information on ICIP, read this TJC blog.
What is an IP Management Plan?
An IP Management Plan is a proactive plan for managing the intellectual property that is used and created within your business. It is a strategy for embedding IP protection throughout your organisation or project and contains a wide array of information and advice related to IP and ICIP.
How can an IP management plan help my business?
An IP Management Plan is a highly useful and important tool for any organisation. It can form part of an overall business plan and set the future direction by helping your organisation to:
Establish systems to ensure your IP and ICIP is effectively managed and not freely given away
Secure and assert your IP rights
Minimise and prevent legal risks
Identify untapped resources and opportunities for growth
Comply with IP and other related laws when using third party materials
Strengthen your brand and marketability
Consolidate your IP for the future
Respect ICIP rights
Foster a culture of rights awareness within the organisation
Who needs an IP Management Plan?
Many different businesses and organisations can benefit from having an IP Management Plan. Does your business need general guidance around IP assets and how to manage and protect this effectively? Do you have a specific project involving IP and ICIP? If so, then it is likely you would greatly benefit. At Terri Janke and Company, we have developed IP Management Plans for organisations including Indigenous corporations, Aboriginal Land Councils, Indigenous health organisations, Indigenous language centres, artist organisations, small and large businesses.
How can TJC help?
Terri Janke and Company can assist businesses in:
Developing IP Management Plans
Developing IP strategies for specific projects
Drafting licence agreements
Advising on the publication of books, software and websites.
Contact us on firstname.lastname@example.org or call (02) 9693 2577.