auDA recently hosted a webinar with Bogdan Mitic, Project Officer at IP Australia - the government agency responsible for managing intellectual property (IP) rights in Australia. Bogdan took us through the meaning of IP, how trade marks, business names and domain names differ, and the ways in which they can each help protect and deliver value to your business. Here are six key takeaways from the webinar:
1. IP is an intangible business asset
IP is defined as a creation of the mind. Any time you create something new and original in your business, you are likely creating IP. Examples of IP include a brand, a logo, an invention, design work or a new plant variety. Most businesses hold a range of IP, from their business name, to a unique product they have created or perhaps an innovative new process they created. Each of these differentiate the business from its competitors, and, importantly, as the business grows, so too does the value of these IP assets.
2. Australia’s IP laws provide a legal framework to protect your IP rights
Australia recognises several IP rights, divided into ‘registered’ and ‘unregistered’ categories. Registered IP rights require registration by a business to be effective, and, once registered, they are administered by IP Australia. There are four types of registered IP rights:
- Trade marks – protects signs and symbols that distinguish one trader from another
- Patents – protects a new and innovative function or feature to a process/method
- Designs – protects the visual appearance of new and distinctive products
- Plant breeders' rights - protects the commercial rights of new plant varieties.
There are also unregistered IP rights including copyright, trade secrets, and circuit layouts. These do not require registration by your business as they are automatically protected under Australian law.
3. A variety of registered IP rights could benefit your business
Registered IP rights (See above) can help protect and add value to your business in a variety of ways, such as:
- Providing exclusive rights to determine who can use your IP and how it can be used
- The opportunity to license, promote or develop your product while limiting competition for set periods
- Protection of your idea from replication by others
- The ability to sell your IP for financial gain.
Given every business is unique, it is important to consider which IP rights are best suited to your business. Ideally, an IP approach is considered early when establishing your idea in the market. This will avoid a reactive approach in response to a possible emerging business threat.
4. Trade marks are an important consideration for your brand
A trade mark supports a brand’s identity, distinguishing them from others in the market. The main benefit of a trademark is that it grants the owner exclusive rights to use the mark and obtain relief if you can establish the trademark has been infringed. Whilst not required for all businesses, you should consider if a trademark would be beneficial to you.
Before you apply for a trade mark, do your research, as requirements are specific and must meet the those of the Trademarks Act. The trade mark will only protect the goods and services of your brand that you select in the application – careful selection is crucial to ensuring you are adequately protected. TM Checker is a free tool you can use to discover any existing trade marks that might be similar to your brand or name in the proposed classes of good and services.
5. Business names are not automatically exclusive to your business
It is important to note that the simple act of registering a business name does not grant you exclusive ownership or protection of that name. To secure exclusivity over your business name, it must also be registered as a trademark with IP Australia (as well as a business with the Australian Government Business Registration Service or ASIC).
6. Domain names are central to your online identity and can signify brand trust
If you wish to trade online or have a business email address, you will need a domain name. A domain name is an electronic internet address used to represent your business (e.g. auda.org.au). They are an important part of any businesses digital brand identity.
There are a number of different domain name extensions that are available to businesses including com.au and net.au and .au direct. The latter is Australia’s new, shorter name space and is open to anyone with a verified connection to Australia.
auDA's recent Why .au? report indicates that consumers prefer to purchase goods and services from businesses with a registered .au domain name because it is easily recognisable as local and signals to customers they’re trustworthy.
You can check if the domain name you want is available to register via the ‘find a domain name’ tool on the auDA website. If available, .au domain names can then be registered with an auDA accredited registrar.
While trade marks, business names and domain names are each distinct entities, they are interconnected components of a comprehensive branding strategy for any business.
For more information on IP go to www.ipaustralia.gov.au.
For more information on domain names, visit www.auda.org.au.
Please note that .au member webinars are open to .au members. If you are not yet an .au member, consider joining us today. Membership is complimentary and provides you access to a range of benefits including exclusive events, updates on digital trends and news and insights on .au.
