In my last blog Turning Ideas Into Assets When Branding A New Product Or Service I explained why awareness of IP is so important when turning your ideas into a commercial concept. Essentially, in the digital economy, intangible assets comprise 70% of the value of many successful businesses. So, IP is a fundamental skillset for every entrepreneur to develop.
You can really see the fundamental importance of IP at play when contrasting JK Rowling’s experience with Gilbert O’Sullivan’s.
When JK Rowling, the author of the Harry Potter books, was a penniless, unknown writer, who would have believed she would one day become one of the world’s richest authors? Reportedly her net worth is now £1 billion.
What may not be so well known is that JK Rowling’s wealth is underpinned by intellectual property rights, specifically copyright. In her case copyright was critically important due to how she manifested her ideas – that is, in a book. With the...
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...
Thinking about and taking steps to protect intellectual property is how you turn intangible assets into exclusive property rights.
Depending on the type of IP right in question, the property right lasts for a certain length of time, which may often be renewed on payment of further fees.
Taking the right steps to protect an IP right enables your SME to claim ownership over its intangible assets and exploit them to their maximum potential. In short, IP protection makes intangible assets a bit more tangible.
Legal protection involves different steps depending on the type of IP. For example,
1. Copyright generally involves reviewing the legal agreements you have in place, and making sure your rights are safeguarded.
2. Trade marks involve choosing names carefully, as only names that can function as trade marks are protectable. Also, if a name is not available then you may not...
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.