The Chrome Group attended the inaugural IP Summit at Australian Technology Park, Sydney yesterday to ensure we were armed with the most up to date information to assist our lovely clients with their ideas, inventions, business and brands.

The event was aimed at small businesses with big dreams of success in Australia and beyond and we thought that had many of you and your requirements written all over it!

 

Hosted by MC, The Airport Economist himself Tim Harcourt, the program included a variety of sessions and workshops discussing access to grants, funding and support, advice on how to take your invention to market and tips for creating a powerful brand.

Key note, Dr Catherine Ball – author, founder, and ethics advocate works across global projects where robotics and new technology meet environmental protection. Her latest project SheFlies provides women and girls with opportunity to fly and try drone technology. SheFlies aims to reach 100,000 Australian women and girls by 2020, and is expanding internationally. Dr Ball, shared her own experiences in relation to IP and her start-up successes and failures.

From the sessions we attended, some of the other standouts included; Fleur Brown founder of Launch, leading ideas festival TEDxSydney and the Entrepreneurs TV Show, Matthew Overington, Head of Communications for overnight success story Koala and the amazing Jessica Wilson Founder of STASHD,named by Forbes as one of the 1000 entrepreneurs under 30 to change the world in 50 year’s.

The sessions lead by a variety of spokespeople from agencies including Jobs for NSW, IP Australia, Austrade and the venture capitalist firms were informative, and the individuals themselves made themselves accessible for individual business related questions and advice, which clearly provided some really constructive opportunities for many of the delegates .

Here are some of our key takeaways that might be of interest or particularly relevant for those with that first spark of a good idea.

PROTECT YOUR IP The first one is a no-brainer but good to remember, and sorry there’s no way around it – All businesses should trademark their name – do not think that ownership of the Business name, and domain name protects your asset, even if you are an online business.

BUILD A BRAND Building a strong brand and protecting it is imperative. (we can obviously help with that bit) but remember your Brand IP doesn’t just refer to your business name, it refers to the design of your logo, the phonetics, the imagery and colours used (think Tiffany blue), and the shape/style of your packaging or product. In 1995 the laws passed to protect a scent and the first to successfully do so in Australia was a company producing golf tees with the scent of eucalyptus.

CONSIDER YOUR ONLINE REPUTATION & FOOTPRINT  Your IP, your IP protection, your brand and online presence all need to work together hand in hand, if your online footprint does not reflect your brand it can be as detrimental as insufficient protection

THE WORLD IS CHANGING  Globalisation is exposing and individuals IP more than ever, companies pay staff for their IP which is growing the entrepreneurial mindset and driving individuals towards opportunities whereby they can have freedom of identity.

SUPPORT & FUNDING There is an enormous amount of resource, funding and loans available to support businesses ranging from start-ups to established entities in Australia. Businesses that create jobs in Australia, have a global reach, and bring international funds to Australia are particularly well regarded. Support is also available for promotional activity carried out overseas to do so.

SOCIAL MEDIA MEANS YOUR IP IS ACCESSIBLE TO THE WORLD When deciding whether to trademark your brand overseas consider how social media promotes your IP to the rest of the world, exposing your ideas to theft.

INNOVATE There is plenty of opportunity for Australians to be true innovators and inventors with the view to compete and grow in international markets.  The majority of trademarks lodged in Australia are for intangible products eg. Brands.

CROWD SOURCING HAS BECOME EASIER  There are new rules in place around crowd sourcing reducing the regulatory requirements for public fundraising while maintaining appropriate investor protection measures which helps entrepreneurs further. More information can be found here

DOES YOUR IDEA CREATE JOBS IN AUSTRALIA For information regarding funding for innovation that create jobs in Australia visit the Jobs NSW website

DOES YOUR BUSINESS AID TOURISM, BUSINESS EVENTS IN AUSTRALIA OR TRADE WITH CHINA? For a variety of grants for businesses with a focus on Tourism, business events and working with China visit the austrade website 

VENTURE CAPITALISTS ARE OUT THERE If seeking Venture Capital seek out those who have expertise in your field eg. Tech. They assess appplications based on
A.the operating team/founders
B. How deep the connection is to the problem they’re trying to solve
C. The Strategy
D. How large/fragmented/disruptive is the solution to market
They often have a strong bias for large markets or businesses that could go global quickly, with corresponding early evidence that they could do so.

IF YOU ARE UNSURE ABOUT A VENTURE CAPITALIST Ask if you can speak to some of their other founders to determine their experiences and relationship with the VC, this will allow you to establish trust before handing over your detailed IP

THERE IS ENORMOUS OPPORTUNITY IN CHINA

REGISTER YOUR IP IN CHINA regardless of cover in other countries. This costs $60AUD per class.

CHECK YOUR CONTRACTS For businesses interested in the China market first check your contracts and terms and conditions are enforceable in China by seeking Chinese legal advice.

THE CHINA MARKET IS RIPE FOR THE PICKING The Chinese middle aged/middle class population is growing exponentially and is expected to rise from 250 million to 850 million by 2030, providing lucrative opportunity for businesses operating within this market.

4. REGISTER YOUR BRAND NAME IN OTHER LANGUAGES If you are operating in an overseas market where English is not the first language you should consider registering a trademark in the first language of that country for example eg: If your brand name in Australia is Red, but you’re selling to France, seek advice as to whether it is worth registering ‘Rouge’ (the French word for Red). Something particularly relevant for Asian markets.

5. BE THE FIRST TO REGISTER YOUR TRADEMARK In China trademarks belong to the first person who filed them, New Balance had a fight on their hands after not registering their IP in China effectively. An interesting article about the cases can be found here.

The IP Summit Melbourne is due to be held next Tuesday May 8 2018 for more information visit their website .

The Chrome Group thrive on assisting businesses with innovation, and commercialising their ideas. We also believe in the building of strong brands that allow businesses to grow and will last the test of time.
We have recently collaborated with a top tier legal firm specialising in IP to ensure our clients receive the very best advice in relation to their IP requirements. If you would like further information please call us on 02)8003 5704 or visit our website for more information about our array of services.