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

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter