Intellectual property (IP) is a term that is applied broadly to something that is created, invented, designed or written by an individual. IP is sometimes referred to as ‘property of the mind’, which is a good way of thinking about it. It is not tangible property like land, which is known as ‘real property’, but it is still an asset that belongs to the creator, as it can be sold, transferred or leased, and it is certainly worth protecting.
In Australia, intellectual property is automatically protected on a general basis by ‘copyright‘, which gives the creator exclusive rights to the original expression of their idea(s). Copyright protection lasts for 70 years after the creator’s death. However, copyright does not offer comprehensive protection of IP under the law, for example it doesn’t prevent others from creating a similar version of your work. You can further protect your intellectual property with the help of a lawyer by registering for a trademark or patent.