Managing Intellectual Property: Importance and Risks

This article discusses the importance of managing intellectual property and the risks associated with it. It explains the different types of intellectual property and how to protect them. The article also covers the legal implications of intellectual property infringement and how to avoid it.

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Managing intellectual property is increasingly becoming an important aspect in
organizations as the world continuously places increased value on intellectual ideas.
Globalization has opened up the world and companies can no longer operate secretly
whereby the uniqueness of product, service, features, or design is now on the global spotlight.
Simple mistakes in terms of intellectual property management can be costly; unfortunately,
such mistakes are easily made. The stakes are high and can amount to the company losing its
intellectual property rights or a competitor may end up acquiring the rights [1]. With the
advancement of technology, technology based companies are continuously faced with the
risks of infringement cases. In most cases, the only valuable asset a small company has is the
intellectual property and must do all they can to keep it safe of they will be out of business.
All companies in their undertaking have an intellectual property risk. If one makes, supplies,
distribution rights, imports, or uses various products or services bearing distinct features
contributing to the competitive edge, they all risk a potential IP exposure [2].
Protection of intellectual property is two sided; defense and offense. By offence
means, that a company is proactive in its activities by instituting measures to fend off
advances by any other company that is infringing on an intellectual property right. Defense
means that the company is operating at a safe zone where they do not infringe or at a suitable
position to put on a strong defense when faced with an infringement right. The uniqueness of
the business is that which sets the business apart from the competition and ought to be
protected as an intellectual property asset [1].
IP relates risks come from a multitude of sources that include from within the
organization, entities within the eco-system of the organization, independent third parties,
illegal entities, competitors, and the government entities. Company X in Victoria may lose
the IP from competitors. The easiest scenario for losing intellectual property is by not owning
a patent for the new antennae. Another scenario is lack of a trademark protecting the

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organization from other using it without the exclusive rights from the trademark owner. This
can occur from using a trademark that is identical or confusingly similar to one owned by
another company [3].
Without a patent in place, the quickest way to achieve the patent would be a
copyright. Under copyrights, the original expression of the idea is protected, but the idea is
not protected. As per the rules in Australia, having a copyright with the name of the owner
and the date issued may not be mandatory, it is essential when verifying the possession of the
copyright. Putting to use a copyright notice operates as a warning to prospective infringers. It
is not enough to have one, the protection of the innovation can be done by using multiple
types of IP rights [4]. The most significant protection is instituting a utility patent that
protects the functional aspects of the antennae and the design patent protecting the
ornamental features of the antennae. Both patents will stop the competitors from making use,
importing, selling, or making the antennae’s for the next 20 years. The quickest way is having
AntenN file another international patent that captures the improvised version of the patent.
This will bar any other company from using the design of the antennae [1].
A product protected by the utility patent can also consider acquiring a design patent,
which protects the unique visual elements of the antennae. Securing the utility patent must be
prioritized as it will give the company exclusive commercial rights to produce and utilize
their technology. To satisfy the motor Vehicles Standards acts of Australia and to satisfy the
consumer needs, the improved version of the Antennae is a unique innovation for the
Australian market [5].
To meet the qualifications of a standard patent the creation must be new, has some
use, and must have an inventive phase. When filing, the filing must include a title, number of
claims, a description, and where possible a drawing and other abstracts and forms. The next

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step is the evaluation of whether the application meets the relevant requirement of the Patent
Act 1990. All the necessities articulated in the Patent Act 1990 must be met before the
standard patent is issued. Since the application process can last from six months to several
years based on the prevailing circumstances filing a provisional application is essential, this
way the company will have established a priority date. It is a cheap way of indicating one’s
intent to file a complete patent application later. However, filing a provisional application
does not equate to a patent protection [1].
The violation of the intellectual property on either grounds of patent, trademarks,
copyrights, or the misappropriation of trade secrets amounts to a breach of civil law or
criminal law dependent on the type of intellectual property involved [6]. If Ray Con
genuinely intends to build their own product for the Australian market, then the company has
no grounds for stopping them. The rules of intellectual property are very specific. An
Intellectual property infringement can only be filed when work protected by IP laws is used,
copied, or otherwise exploited without having the proper permission from a person who owns
such rights. Intellectual property can be infringed through counterfeits or piracy. Counterfeit
involves the production of sub-standard products with an aim of benefiting from the superior
standard already established by the imitated product [7]. Privacy on the other hand involves
the unauthorized use, copying, reproduction, or distribution of anything that is protected
under the intellectual property rights. Provided Ray Con in their pursuit do not infringe by
terms of copying or using precise technology protected by patents then there can be no
grounds for stopping their venture [8].

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References
[1] V. Caddy. "Intellectual Property". Business Law Review, 2014, 35(3), p.110.
[2] D. Walker. "Intellectual Property". Geophysics, 2011, 76(5), pp.Z105–Z116.
[3] B. D. Wassom. "Chapter 5 - Intellectual Property". In Augmented Reality Law,
Privacy, and Ethics. 2015, pp. 101–151.
[4] M. J. Simburg. "International Intellectual Property". The International Lawyer, 2009,
43(2), pp.549–570.
[5] T.J. Radin, & O. Toraman,. "The management of intellectual property". Encyclopedia
of Business Ethics and Society, 2006, p.1031.
[6] I.D. Manta, & R.E. Wagner. Intellectual Property Infringement as Vandalism, 2014
[7] UK Intellectual Property Office. Copyright Essential Reading. UK Intellectual
Property Office, 2012 pp.2–20.
[8] World Intellectual property. Understanding Copyright and related rights. WIPO
Publication, 2004, pp.1–26.