So far we have discussed many of the legal risks to your business. Let’s now talk about a business opportunity. Have you or your business created an idea, product or a service that no-one else has thought of before? If so, you may be able to protect that new idea, product or service and have other people or businesses pay you for the right to use it.

Think you or your business hasn’t created anything that anyone else would want to use?

We would ask you to think again. The range of innovations that can be protected and licensed for others to use is not limited to the big, life-changing inventions like the microwave oven. A more efficient filing system or a new way of meeting your clients’ needs could be legally protected and may even earn you some money.

Consider the following case study:

In 1972, the managing director of Kambrook (a company that makes house-hold electrical goods) developed what is now known as the electrical power-board. Kambrook failed to protect the power-board with a patent and missed their chance to fully exploit decades of consistently healthy demand for the power-board.

According to a Kambrook official, the company missed out on at least several million dollars (http://www.ipaustralia.gov.au/strategies/case_kambrk.shtml).

Reader’s Tip

Never underestimate the potential worth of a new idea, product or service that you or your business have created and are putting to good use at this very moment. In order to take full advantage of the innovations your workers create, you need a clause in all your employment agreements stating that all intellectual property created during the worker’s employment are the property of the business. The absence of such a clause can result in the employee earning the money from the innovation and not the business.

We can prepare comprehensive employment agreements for your business that will fully address this situation and many others. We can also refer you to an intellectual property specialist to maximize the gain you or your business could make from a new innovation.

Joe Kafrouni
Legal Practitioner Director
Kafrouni Lawyers

Disclaimer

The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. Business people should always consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.

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