Last week in Why I’ve Set Up A Second Business And Expect To Crush It As An Olderpreneur, I highlighted the trend nowadays for baby boomers to set up new businesses.
Far from wanting to retire, I explained my reasons for wanting to continue working many more years. In fact, I’ve even started a second business, Azrights International Ltd, because I want an even greater sense of fulfillment and purpose from my work.
I see exciting new ways to contribute to the world and deliver added value.
Fulfillment Through Purpose
This question of fulfillment and purpose is an important one for all of us to think about whether we’re in business or working in careers.
Getting clarity on our purpose is widely advocated as the way to greater success, and enjoyment in life.
As Steve Jobs put it, doing work you love is important. To quote his words
You’ve got to find what you love . . . Your work is going to fill a large part of your life, and the only way to be truly...
According to this Institute of Directors report a growing number of people are starting their own businesses in later life. In their article, Over-50s are the new business start-up generation, the Financial Times has very encouraging statistics for anyone considering starting out again after 50, namely that businesses set up by the over-50s are more likely to still be trading five years later than those established by younger age groups.
A study by Jones, Javier Miranda of the U.S. Census Bureau and MIT's Pierre Azoulay and J. Daniel Kim looked at an expansive dataset and supports these findings. Their research shows that older entrepreneurs have a greater chance of success in their projects than younger ones. The most successful entrepreneurs are middle-aged. This research said: “We find that age indeed predicts success, and sharply, but in the opposite way that many observers and investors propose”. “The...
The way copyright works to protect an app provides useful insights into copyright generally. Essentially, the important point to hold onto about copyright is that the default rules mean that the creator of the app will be the owner of the copyright in it rather than you the person who pays for the development work.
Therefore, an important first step before you select the right developer is to make sure they will be happy to give you a copyright in the end product.
However, don’t just have a verbal agreement on this point as that’s not enough under the law. You’ll need to reflect this in writing and also have a good development agreement in place. That agreement should clearly specify what is the be developed, the phases of the development, the payment plan, and how to resolve any disputes that may arise. Don’t agree to terms that only give you copyright when the project is concluded and you’ve paid for it. If for any reason you need to part company with...
Before you discuss your idea with developers think about legal protection. Whatever the idea, it’s important to develop the habit of being selective about who you reveal your ideas to during the early stages before you’ve explored the possibilities. That’s because confidentiality is the only way to protect a mere idea.
If you have an idea for an app, chances are the first thing you’ll want to do is to find someone to develop it for you. I’d advise against discussing the idea with any developers at such an early stage.
You’ll likely be keen to take action to get going with your project, so I’d suggest you interview a number of developers to understand whether they would be suitable for your project without actually telling them about the idea itself.
Have another “idea” to discuss with them rather than your actual one as you find out about their past experience in developing apps, whether they have testimonials or...
The renowned inventor, Thomas Edison, famously declared, “Genius is one percent inspiration and ninety-nine percent perspiration”. His point was that hard work is required to transform an idea into a successful product.
So, when you have a great idea for an app or any other innovation, which instinct is telling you could be ground-breaking, bear this in mind. The idea just has potential at this stage.
To transform the idea into your vision for it involves addressing numerous issues along the way. And whether you will ultimately have a successful app depends on whether your idea is well received.
Did you know that Magic Cab was launched 3 years before Uber? However, they didn’t implement the idea as well as Uber and hence haven’t had the level of success Uber has enjoyed.
Talking of Uber, Apps are so widespread nowadays. I certainly use a number of them. Each one is great at addressing a particular need, be it Voice Recorder Pro for excellent...
It is surprisingly easy to overlook the importance of IP in the early stages of the creative process.
Some people believe that tasks like choosing a business name for a new product or service does not involve legal considerations, that they can pick any name, do a check on Google, and if nothing untoward is found, proceed to use the name.
It’s actually trade marks that govern ownership rights in names, so it’s essential to search the trade mark registers. A Google search is not enough. Not everything you need to know about a name shows up on Google. People risk losing everything overnight when they use names that don’t take account of registered trade marks of others.
Microsoft’s EU trade mark registration of Skydrive shows clearly that a registered trade mark will not protect anyone against an infringement claim by a third party. Ultimately Microsoft had to rebrand. So, it’s just not enough to simply register a trade mark.
Another example of why...
Everything begins with an idea. Every idea invariably results in an intangible manifestation of it once it’s brought into the real world.
Even if the idea involves creating something tangible, say a new gin, so that you have a physical end product – a bottle of gin - many components that are necessary to the existence of that product will be intangibles. There’s the brand name, the logo, product packaging, appearance or shape of the bottle, any website, marketing collateral and social media profiles, and the gin formula itself.
Intellectual property law is the legal area that governs intangibles, so it has a significant role in today’s digital world. Nowadays knowledge fuels our economy so that most assets of our businesses tend to be digital. Our increasingly digital society makes intellectual property of central relevance. The term “Intellectual property” covers a large area of law, including patents, trademarks, copyright, designs...
A basic, fundamental question people often ask me is What exactly is Copyright?
Of course, people have heard the term and have a basic understanding, but often there are gaps in their knowledge, or confusion around particular facets of the subject.
Sometimes I’m asked for examples of copyright, or why it’s important to have copyright, and how to avoid copyright problems and so on.
Copyright is a large subject and has many different facets to it.
My aim in this blog is to answer 3 essential questions about what copyright is by giving you
These are three essential, need to know pieces of information about copyright. As copyright is a large subject you’re bound to have plenty of questions. Do feel free to ask them in the comments below.
Examples of what copyright protects.
Copyright is a type of intellectual...
Google is an example of a company that has built itself into one of the largest brands on earth thanks in many ways to its intellectual property. Its brand was worth $100 billion dollars in 2017.
Google’s IP includes its search algorithm, know-how, patents, copyrights and its trademarks. A highly important component of its IP will be Google’s know-how which is kept confidential, so users have difficulty gaming the system.
Otherwise, Google’s reliability as a search engine would be damaged if inappropriate websites could readily appear prominently in search results. The less relevant a search result is when a user searches for something, the less likely they would be to turn to Google next time they needed to search for something. So, a lot hangs on keeping its methodology and other secrets to itself, and even making changes every so often to keep the algorithm fresh and unknown to the world at large.
Confidentiality and other intellectual property rights play...
Building your business’ Intellectual Capital is the way to increase the value of the business because it’s the intangible assets that account for most of the value of corporates nowadays – as much as 70-80% - rather than the tangible machines, buildings and other hard assets.
I’ll be coming back to this theme again and again in future blogs because I see some entrepreneurs dealing with their IP registrations and compliance with a minimal understanding of Intellectual Property, and its role in bolstering these intangible assets.
I often wonder if those same people would deal with their own physical property transactions with so little background understanding of the transaction.
It’s important to note that intellectual property is PROPERTY and therefore needs careful handling. There are courses like Legally Branded Academy which is suitable for established businesses and startups. So, if you haven’t already taken the time to understand...
By signing up for Legally Branded Newsletter, You will gain insights every week on intellectual property. Paying attention to IP is the way to discover what steps to take to preserve the value of your assets, to grow your profit margins, create new income streams, protect your market share, and prevent competitors from copying your ideas.