We recently launched a survey about intellectual property because I’d noticed that clients and prospective clients often struggled to know what IP is, and what’s involved to identify and protect it.
So, if you’ve ever wondered how to identify IP issues when branding or developing a new product or service, what you need to do, when you need to do it, and what steps are involved to protect your IP, then you may be interested in the results. 75% of entrepreneurs do not know what IP issues arise when implementing new ideas. The rest only had a vague idea. As for when to protect IP, only 9% said that yes they know when to protect IP and how to protect it. The vast majority did not know how or when to protect their IP, and are not confident about how to check whether they may legally use a name.
Consequently, following these survey results I’ve decided to run a beta version of my upcoming IP Fundamentals e-Course. This will be half the price of the eventual course that will be released in March 2018. I want to allow for input and feedback from course attendees so as to be sure to address individual needs. Otherwise, I may unwittingly assume knowledge that people simply don’t have. So, this seems the best way to ensure the final e-Course covers the basics that are not evident to people, but which I take for granted as I’m so close to the information. The benefit of taking part in this beta course is that you will help shape it to your needs. However, I’m only taking a few people on for it so be sure to register your interest if you want to be alerted when the course is offered.
As we’re undergoing a quiet revolution in society so that most businesses nowadays are digital, it’s really important to be aware of basic IP issues. Otherwise, whenever you’re turning ideas into a business you may be unaware of opportunities or risk losing time and money. The new currency in our digital economy is information, know how, brands, systems and data. This means whether you’re starting a new business, building a brand identity or launching a new product or service worldwide, you’re also creating intellectual property.
As you’re so reliant on IP rights for the source of your future wealth it’s essential to learn what’s involved to build your vision on strong IP foundations. Getting knowledge of IP should be part of every entrepreneur’s skillset, just as every entrepreneur needs to understand marketing and sales too. To transform your ideas into a successful outcome involves making the right IP decisions, and protecting IP in appropriate ways.
Every business in the digital economy is likely to have intangible assets like IP. According to a report by the Intellectual Property Office, Banking on IP, intangibles comprise 70% of the value of business today.
Yet unless you know what you’re doing it can be difficult to correctly identify and address the IP issues, and protect the future value of your success. If appropriate actions aren’t taken in those early days when you may not know whether your ideas will be a success or not, you could lose out.
The value and safety of your intellectual property has become more important than ever before. Do it right and the intangible assets you create could be worth more than the intangible assets themselves. Do it wrong and you could miss vital opportunities, have your true value stolen or find yourself on the wrong side of an intellectual property dispute.
Only the largest, most established companies can justify a large outlay in legal fees to have IP explained to them in detail every time they have a new idea to implement. But how else are they to understand and address their IP issues in the early days of their projects when they’re implementing an idea? It’s not as if this is a one off cost that you do once and then it’s done. Every time you have new ideas in your business, or have ideas for other products or services, or for future businesses, IP issues will similarly arise.
So, you need to be vigilant about your IP issues yourself, and manage them. Only large businesses are able to appoint a dedicated IP manager. Everyone else needs to have someone internally who takes charge of IP, and takes responsibility for understanding the basics. It’s similar to how you need to take charge of your own marketing until the success of your business justifies taking on a dedicated marketing person. Even if you outsource all your legal work, such as your IP registration and contracts, there will be IP issues you yourself need to identify and be aware of, for example, to ensure you make good choices when picking new names.
If you would like to learn how to identify your IP, implement new ideas, and retain your Intellectual Property or simply wish to be updated on future IP training related news then subscribe to our updates.
See the next post in this series of three blogs What You Can Learn From JK Rowling and Gilbert O'Sullivan When Turning Your Ideas Into A Commercial Concept
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