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Intellectual property (IP) is a basket of different rights which usually apply in different overlapping combinations to any particular project. We have already looked at the main players - patents, trade marks, designs and copyright. However, there are several other rights that may well be relevant, including confidential information (know how), internet domain names, semiconductor topography rights, supplementary protection certificates (SPCs) and plant breeder’s rights.

Owning some intellectual property rights (IPR) does not, in itself, guarantee success. But, without IP, your options are going to be more limited.

With IP you can be positive when it suits you:

• encourage cooperation and cross-licensing
• regulate joint ventures, consultancy and development projects
• open new markets and new sectors
• engage new partners

Also, you can be defensive when that is better for your business:

• block a competitor
• lock-in your customers
• control your suppliers
• keep a leash on agents and resellers

In other words, IP gives you a weapon and something to use as a lever for a better negotiating position. IP can also be exploited by your business to give a marketing buzz and establish a reputation for being innovative, creative - and well protected.