DEFENCE VITAL TO PROTECT YOUR INNOVATIVE IDEAS

Written on the 14 May 2012

DEFENCE VITAL TO PROTECT YOUR INNOVATIVE IDEAS

INNOVATORS need to look beyond patents for product and idea protection in today’s fast-moving markets.

“Businesses have to have a defensible business model,” says Gold Coast Innovation Centre (GCIC) business development executive Michael Murtagh (pictured).

“If your discovery creates a new market and you have good success in the first couple of years you will attract competitors.

"Without defensibility, something you have spent years of your life chasing, and have poured all your effort into, could come to nothing."

Murtagh says while a patent is a strong start to ensuring defensibility, it should not be the only layer of protection.

Forming partnerships with strong existing companies can protect a product, as can investing in the right staff and keeping a tight control of the core product.

Competition can sometimes come from a company’s own sales staff member who have been taught all about the product, how it works and have contacts in areas where it is selling, says Murtagh.

And with some overseas markets renowned for knock-off merchandise, even the location of a business can be considered part of its defensibility if local laws help protect a unique product.

The GCIC, a joint State Government, Gold Coast City Council and Griffith University initiative, runs out of the university’s campus on the northern Gold Coast.

The not-for-profit organisation aims to assist companies commercialise their new technologies and bring them on to the international stage, therefore creating jobs on the Gold Coast.

Murtagh says the GCIC strongly advised on the importance of product protection, particularly if a company or innovator hopes to attract investors.

“From an investor’s point of view and from a business model point of view, you do need to be able to defend your position,” says Murtagh.


Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter