How can I benefit from IP?

IP rights are private property rights so it is up to you, the owner to decide how to exploit or benefit from your IP. IP rights generally give the owner exclusive rights to prevent others using the material by protecting it in certain ways - exactly how depends on the type of IP. If someone else uses the IP in these ways without your permission, this usually amounts to infringement.

If you do not want to use the material protected by IP yourself, or you want others to use it too, you may license its use. In the copyright and related rights area many right owners prefer to license collectively through a collecting society. This is easier than licensing all uses individually.

Whatever the IP right, the owner can usually decide whether or not to license its use to someone else. However, there are a few areas where this rule does not apply. For example, there is a copyright exception allowing limited use without infringing copyright, and compulsory licences for use of patents may be possible.

Another way of benefiting from your IP is to sell it to someone else. IP is a form of property, and it can be sold just like physical property. But remember, once you have sold or otherwise transferred ownership of your IP, you will not be able to use it without the permission of the new owner unless you have agreed a licence to enable you to continue using it.

Why do I need to protect my idea?

Without the protection of IP ownership your idea or material is open for anyone to use.