This IP First Response website has been designed to help IP rights holders navigate IP infringement and enforcement by making it visible, accessible, and to provide information about the factors involved in pursuing different options. It does not provide legal, business or other professional advice, and none of the content should be regarded as recommending a specific course of action. We welcome any feedback via our IP First Response feedback form and by emailing us.
What is it?
Intellectual property is a type of property, just like a house or a car. The only difference is that you can’t touch it — It’s intangible.
Like any property, intellectual property can be bought, sold, or rented (called ‘licensing’ when referring to IP).
Here are some examples of what you may choose to do:
- Let other people use it, either for a fee (called ‘licensing’) or for no cost.
- Set rules around how it’s used. For example, you can set rules on how it can be used only in certain places, on certain types of products, or in certain ways.
- You can sell it on its own or as part of your business.
- Make an offer to buy someone else’s IP.
- If you don’t use your IP and no longer wish pay fees to IP Australia to keep it, you can let the ownership lapse.
Registered IP (such as trade marks, patents, design rights and PBR) serves as a proof of your ownership, and what that ownership covers, much like a deed to a house clearly states the boundaries. This makes it much easier for everyone to be clear about who owns an IP right.
In all these situations, you may wish to think carefully about your business plans, and seek independent help, especially to work out the value of IP you are thinking about, and any conditions you might consider about its usage.
Many of these actions are done through contracts with other businesses. It can be vital to get an experienced professional to help you draft the agreement – such as IP lawyers – to make sure your rights are protected and no important details are missed.
See also
How to commercialise my IP | IP Australia
Agree to a formal commercial arrangement | IP Australia First Response
Obtain legal advice on enforcement options | IP Australia First Response