Strictly speaking you can't actually protect an idea - only the application of that idea in some physical form. Intellectual Property (IP) rights enable you to protect your innovations in whatever form they take. IP can allow you to define your rights and, if necessary, enforce them.

IP can therefore have significant value in the same way that any other property has value. Even very small businesses can have significant IP assets which increase the value of the business, strengthen their market and make them more attractive to investors. Unfortunately many people don't even realise that they have something which could be protected and thereby increase its value.

It is very important to ensure that your innovations are covered by the appropriate rights. Applying for the wrong one, for example, could result in you wasting a lot of time and money and could mean that you are not protected. It may be that you will need guidance in deciding what protection is suitable particularly as the distinction between one type of IP and another is not always clear.

The main types of Intellectual Property are indicated below. Any one product could potentially be protected by several or all of these types of IP. Click on the links for further details.