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Elements and Performance Criteria

1. Identify and value intangible assets which are key to small business
   • Identify intangible assets, which are a key to the ongoing success of the small business, through an intellectual property audit
   • Research appropriate sources of information and advice for protecting and effectively exploiting the small business’s intangible assets, and seek professional advice when required
   • Value intangible assets so they can be incorporated into the business plan and risk assessment strategy
2. Identify and select types of protection available for intangible assets
   • Identify the types of protection for intangible assets, including registered and unregistered protection
   • Identify relevant legislative requirements in relation to the proper use and protection of intangible assets
   • Calculate the likely costs, risks and benefits of potential types of protection available
   • Assess organisational requirements, and balance costs and benefits to select the most appropriate methods to protect and use intangible assets
3. Implement appropriate protection for intangible assets
   • Ensure all employees, partners and directors are aware of the importance to the small business of protecting intangible assets
   • Implement confidentiality agreements if appropriate with employees and others who might have access to commercially sensitive information
   • Search appropriate databases and other resources to determine whether the small business’s intangible assets are original, to avoid infringement of the intangible assets of others
   • Follow procedures to protect intangible assets according to the type of protection required, using appropriate intellectual property professionals
   • Develop and implement processes for detecting and defending infringements against the small business’s intangible assets
   • Monitor the market for possible infringements of protection of intangible assets and take appropriate action if required
4. Develop and implement processes to avoid infringement of the rights of others
   • Develop and implement processes so the small business does not infringe on others’ intellectual property rights
   • Ensure all employees are aware of and understand the importance of avoiding infringing on others’ intellectual property rights
5. Use and commercialise the small business’s and others’ intangible assets
   • Identify options for exploiting and commercialising own intangible assets
   • Identify intellectual property of others that can legally be used by the small business for business advantage
   • Identify taxation, accounting and financial reporting requirements for any gains made from commercialisation of intangible assets
6. Use and commercialise the small business’s and others’ intangible assets
   • Identify options for exploiting and commercialising own intangible assets
   • Identify intellectual property of others that can legally be used by the small business for business advantage
   • Identify taxation, accounting and financial reporting requirements for any gains made from commercialisation of intangible assets