Intellectual property is the oil of the 21st century. Look at the richest men a hundred years ago: they all made their money extracting natural resources or moving them around. All today’s richest men have made money out of intellectual property.
– Mark Getty
Innovative companies are human intellectual property factories.
You grow ideas at a breakneck pace. And you’re constantly putting those ideas into a tangible form (software, photographs, articles, courses, books, strategic processes, formulas, performances and more). Then you’re connecting that tangible form of your ideas to the stream of commerce. In other words, you’re creating intellectual property. All day. Every day.
Intellectual property is simply creations of the mind—inventions, literary and artistic works, symbols, names and designs—used in commerce. Your company makes something and then connects it in some way to selling something, and voila! You’ve got IP.
And, yes, you’ve got plenty of IP. That’s the good news. The bad news is that you are severely undervaluing your intellectual property.
Studies show that most businesses, whether large or small, are not capitalizing on the intellectual property they have created. As a result, only 5% of the average small businesses’ value is being represented on their financial statements. That means that 95% of the value of your company is not making you any money. Alarming isn’t it?
So, what does all of this mean? It means that you are literally sitting on a gold mine of intellectual property—in the form of trademarks, trade dress, copyrights, trade secrets, web domains, and possibly patents, too. You owe it to your company’s stakeholders (your family, employees, community and customers) to discover, monetize and protect your IP. Why? Because the future of your company depends on it. You also owe it to yourself. When you capitalize on your IP, you’ll see an increase in revenue without creating more work for yourself and without having to expand your team. That means more money, more time and more influence.
If you’re ready to capitalize on your intellectual property, we’re your new best friends. Let’s get started.
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Note: Consultations are currently available to businesses from any state or country seeking advice on U.S. intellectual property issues and businesses located or registered in New York, New Jersey, Connecticut and California seeking advice on any business law matters.
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