Not so long ago, before the world became gripped by other matters, Intellectual Property (IP) was commonly described as the "oil of the knowledge economy", with IP Rights "the battleground of the 21st century." The language is now unfortunate, but it is still worth bearing in mind how critical IP is to the creative and media economy.

Most creative professionals are already aware of the importance of IP - after all, it is what they produce for a living. But what many don't yet realise is that most businesses will stand or fall on, not so much the quality of their IP, but on how they protect, manage, exploit and distribute it.

The UK's creative economy is currently overflowing with wine lakes and butter mountains of creative content, potentially valuable IP that is degrading - untapped, unconsumed or unformed. Gathering dust on the shelves of broadcasters, new media agencies and publishers, are film reels, videotapes, notebooks, designs, software code and abandoned prototypes. For every 30 minute documentary, it is estimated that 400 hours of footage will have been shot - who knows how much creative capital lies buried in this darkness, unexploited and undeveloped?

Discussions around IP tend to be philosophical, ideological and legislative. They also tend to take a long time. The last EU Directive on copyright went out to consultation in 1996, but was not formally agreed until 2001. Anyone who wants to tackle the UK's IP regime will have to engage with the EU, WIPO, and a global plethora of think tanks, lobbyists, academics and corporate interests.

For many years to come, arguments will rage over the respective rights of consumers, the public domain, originators and copyright owners. In the meantime, businesses and development agencies may do better to concern themselves with more short-term opportunities. For the creative enterprise, it is not so much regulation that determines how effectively it can exploit its IP, but good business practice. This means getting better at licensing, negotiating non-exclusive contracts, archiving effectively, valuing IP, and developing an instinctive feel for when to hold onto it, and when to give it away.

For too long, creative businesses haven't thought about IP beyond worrying about piracy and plagiarism. They need to be much more concerned with exploitation. For economic development agencies there needs to be a re-appraisal of the value of IP, and the role that it has in creating wealth and providing a livelihood for creative professionals. IP isn't the oil of the economy - oil still is, but it is a key asset, and we must learn to make the most of it.