What is IP?

Do you have questions about intellectual property (IP) and aren’t sure where to start? You’re in the right place. Intellectual Property Ontario (IPON) is here to help you develop and protect your made-in-Ontario innovations with trusted IP services and support.

IP is everywhere, from the logo on your coffee mug to the artwork on the wall. Every day, you encounter IP that can be protected via IP rights.

Understanding IP and associated IP rights is essential for protecting your innovations and maximizing their potential. But what exactly is IP?

Let’s break it down.

IP is a creation of the mind. Unlike physical property, such as your house or vehicle, IP is intangible and needs its own legal protections. IP is also what is called an “exclusive right”—by owning your IP, you get to control what you can do with it.

You can use IP rights to prevent others from using, making or selling your IP. Patents, trademarks, copyrights, industrial designs and trade secrets are the most common types of IP rights. Leveraged strategically, they let you own, control and benefit from your IP.

Creating and implementing an IP strategy that connects to and supports your business strategy can help your business in many ways. A strategy can help you be proactive about IP protection, stay on top of market trends and competitor activity, and open up new revenue and partnership opportunities to unlock new markets.

Without IP protection, your innovation could easily be copied or exploited by others. By securing your IP rights, you can confidently innovate, commercialize and share your innovation with the world.

IP rights are exclusive, jurisdictional and time-limited in nature. As you’ll see below, they are applicable to many different types of business assets. A strategic IP strategy will layer different types of IP rights to provide the maximum amount of protection on a single product.

What IP looks like in a business

Industrial designs

  • Product appearance

    • Shape

    • Pattern

    • Configuration

    • Ornament

Patents

  • Inventions

    • Product

    • Machine

    • Process

    • Composition

Copyright

  • Website

  • Marketing copy

  • Drawings

  • Reports

  • Guides / manuals

  • Software

Trade secrets

  • Data

  • Formulas

  • Costumer lists

  • Supplier lists

  • Methods

  • Know-how

Trademarks

  • Company name

  • Product name

  • Logo

  • Slogan

  • Jingle

  • Domain name

A well-crafted IP strategy can:

  • Identify your competitive edge

  • Grow your business

  • Attract investment

  • Generate revenue

  • Build brand reputation

Build an IP strategy. Investing in intellectual property goes beyond protection—it’s about building a framework to direct your business’s future IP decisions.

Take action to protect your IP

Building an IP strategy early doesn’t have to be expensive—in fact, it can drive significant value for your business. By investing time upfront to align your strategy with business objectives, you can target your IP investments on areas that matter most.  

The diagram below helps early-stage companies looking to protect what sets them apart. Targeting the intersection of differentiation, market needs and IP whitespace ensures your IP protection is targeted to deliver maximum impact while safeguarding what makes your innovation unique.  

IPON can help you develop an IP strategy by leading you through action items like:

  • Identify existing IP assets: What has your business produced? Who created it? What purpose does it serve? Do you own it?

  • Evaluate potential IP rights: Just because you can protect something, doesn’t mean you should. Is this creation or innovation aligned to and does it support your business strategy?

  • Understand legal requirements: Have you familiarized yourself with the processes and criteria for obtaining IP rights?

  • Consult professionals: IP professionals are instrumental in navigating the complexities of IP law. Have you engaged with an IP lawyer, agent and/or consultant?

  • Implement IP management strategies: Have you developed a plan to protect, enforce and leverage IP assets effectively?

  • Stay informed: How are you keeping up to date with emerging trends and competitor activity in your markets?

  • Get help: Apply to access IPON’s IP services and support

Curious to learn more? Check out why IP matters.