On Wednesday, Senator Kim Carr, Australia's Minister for Innovation, Industry, Science and Research, reaffirmed the important role played by intellectual property (IP) in every successful business.
Senator Carr was speaking in the lead up to World Intellectual Property Day, which will occur on 26th April, 2008.
This year’s World IP Day theme is "Innovation: Respect It", which aims to promote the link between intellectual property and innovation.
"A well thought out IP strategy is the backbone of innovation. IP can develop into a significant business asset which often is worth more to a business than all the tangible assets such as factories and machinery combined," Senator Carr observed, continuing:
"If you are in business and you don’t know about the various forms of IP such as patents and trade marks, then you are taking a significant risk."
He went on to add that:
"On this day when IP and innovation is being celebrated across the world, let’s be proud of what Australia has contributed to the global pool of innovation, but let’s also look forward."
"I urge all Australians to think about this country and how we can do things better via innovation – remember, every new product started as someone’s good idea."
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