Michael Beverley
IP Wealth
Intellectual property
Age: 38
Business Est: 2004
Number of staff: 7
Growth: 11%
Turnover: $1.6m
IP Wealth founder Michael Beverley is still ‘shocked’ at the number of big companies on the Gold Coast that are about to export and don’t have intellectual property (IP) or trademark protection.
“For Australian companies considering exporting, they must have IP supported to ensure that all the necessary checks are done,” he says.
“One Gold Coast company recently went to the US and while there realised that another company was operating under the same name. They had to come home and re-brand, but luckily they realised it prior to making any sales.”
The 38-year-old has built the company to sustain growth in the past 12 months of 11 per cent and acquired patent company IP First.
The businesses have had to be kept separate, including revenues, due to laws that prevent the amalgamation law patent attorney firms, but operate in the same location.
“It has been a challenge in this climate and we have had to watch expenses. In the last 12 months we have kept most of our core team and let go a couple of support staff. We now have two new trademark attorneys, so we are doing more with less.”
IP Wealth has tapped demand for its services from the food retail space, pharmaceutical companies and franchises. It has prided itself on offering a ‘plain English’ approach in an industry where education and awareness regarding as IP has been bamboozled by jargon.
“The entrepreneur has to be optimistic when others are freaking out and closing up shop. In the last quarter we have secured a lot of new business in the patent area and we expect that to continue,” says Beverley.
One of the growth areas for the company is preventing its clients’ competitors from using keywords in their online marketing objectives.
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