Press Release
For immediate release

The Federal Budget has brought little good news for innovative companies that are developing technologies and securing Intellectual Property Rights.

The only new initiative outlined in the Budget is the allocation of a further $378.6 million dollars to the Venture Australia Program. Of this funding, $25.4 million will be handed to the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education to administer the Program.

The majority of the money, $350 million, will be used to fund a new round of the Innovation Investment Fund. The Program requires matched dollar for dollar funding from the private sector. The leftover, $3.2 million, will go into the promotion and marketing of Australian start-up success stories.

According to Joe Seisdedos, Wrays Group Head - Sydney, while these amounts may seem reasonable, the money will be spent over 15 years, meaning that, averaged over the lifetime of the Program, about $25 million will be spent per year – a drop in the bucket for start-ups and technology businesses.

The government faces a tough call on spending with a sharp fall in company tax receipts, a decline in commodity prices and a lower than expected revenue from the carbon and mining taxes. This year's budget presented the opportunity to incentivise new, technology and innovation driven companies, who would become the powerhouse of future economic growth and tax revenue.

"There is no acknowledgement of the vitally important role the development and ownership of Intellectual Property plays in driving economic growth and the creation of sustainable jobs," says Mr Seisdedos. "The UK has implemented a program to reduce company tax rates for companies that derive income from patents held by UK entities, where the income 'washes through' the UK. Australia, with our relatively strong economic conditions, has a wonderful opportunity to develop and implement similar policies, to attract and grow technology businesses, yet this budget fails to provide any real incentive for business to focus on technology or Intellectual Property."

Media enquiries
Tana Gislingham
Wrays
08 9216 5147 / This e-mail address is being protected from spambots. You need JavaScript enabled to view it
www.wrays.com.au

About Wrays
Wrays is a national firm with expertise in all areas of intellectual property (IP), providing tailored end-to-end intellectual property and branding services and commercially astute advice across a broad range of technical and legal disciplines.

Publication Date: 1 March 2013
Page Number: 102
Publication: The Australian Mining Review
Headline: the interview - Wrays group head - management and strategic services Albert Ferraloro

In the highly competitive international resources sector, a company's intellectual property (IP) can be a major part of its long term success. Amy Mattes-Harris speaks to Wrays group head – management and strategic services Albert Ferraloro about why IP management and protection is so important.

the interview_wrays group head_management and strategic services_albert ferraloro_the australian mining review_pg102_010313.pdf

Publication Date: 1 March 2013
Page Number: 17
Publication: Oil & Gas Australia
Headline: Ignore IP at Your Own Risk

Some directors and managers may be jeopardising revenue streams by being complacent when it comes to understanding and using intellectual property rights says Albert Ferraloro from Intellectual Property (IP) service firm Wrays.

ignore_ip_at_your_own_risk_oil_gas_australia_pg17_1 march 2013.pdf

Publication Date: 20 February 2013
Page Number: Online
Publication: MiningNewsPremium (www.miningnewspremium.net)
Headline: An intellectual point of view

AUSTRALIA'S mining suppliers may be missing out on millions because they are not taking care of their intellectual property. Supply Side by Noel Dyson

At least that is the view of Wrays management and strategic services group head Albert Ferraloro.

What if a competitor were to copy a device or process unique to the company that gave it its competitive advantage? That would be quite a game changer.

An_intellectual_point_of_view_MiningNewsPremium_net_online_20_February_2013.pdf

Publication Date: 20 February 2013
Page Number: Online
Publication: High Grade (www.highgrade.net)
Headline: IP Stakes on the rise

AN increasing awareness of the value of intellectual property among exploration and mining companies hasn't translated into a readiness on the part of most companies to test the worth of IP assets, according to a top legal mind in the field . He and a senior colleague will explain why mining leaders should be more proactive in this area at a new series of national workshops in Australia, starting next week.

Wrays group head of management and strategic services Albert Ferraloro told HighGrade valuable revenue generation opportunities continued to be overlooked by too many mining companies, and also by suppliers to the industry.

IP_Stakes_on_the_rise_High_Grade__online_20_February_2013.pdf

Most Raising the Bar IP Law Changes taking effect on 15 April 2013 – Any instructions relating to actions intended to avoid the impact of the Raising the Bar changes MUST be received by Wrays before 12 April 2013 in order to allow us time to take the necessary action. If you are in the US, Middle East, Africa or Europe you should plan to issue instructions by the end of your working day on 11 April 2013, at the latest.