How to Profit From Intellectual Assets you May not Know you Have
If you'd like to capitalize on your business' intellectual assets, there's an old proverb that will fill the bill, if you'll learn how it applies today: "Finders, keepers; Losers, weepers." The Playground goes entrepreneurial!
Our biggest corporations have always hovered over their copyrights, their trademarks and their licensing agreements, protecting them through legal means. This can be just as profitable for companies that aren't that big if you'll look carefully at your processes and then learn how to promote and protect them like the big boys.
The management of intellectual assets (your companies 'property') isn't only about how many new products you can bring to the market; it's about new ideas and innovations that improve on existing goods and services. It's all a matter of "finders, keepers," which can be just as easy for the smallest firms to play as it is for the largest.
For all the years you've been in business, has there been some product or process that's been improved on for the traditional marketing of your goods? Did your office assistant come up with a new "Eureka!" for keeping track of your client's habits or abilities? Did you add two new steps to a production process that created more cost-efficiencies?
Look deeper. Is the way your service or product brand worth protecting? Can it become a profit generator by co-branding with another company? Inc. magazine in its May editions cited the case of Starbucks licensing its name to Jim Beam for a new liqueur, and Harley-Davidson partnering with Coca-Cola to reap millions of dollars in royalties from products incorporating both names.
Is what you know innovative (different) and would it be valuable to someone else? If your answer is yes, learn how to protect and profit from these assets or risk joining the ranks of "losers, weepers."
Four additional tips to keep in mind:
1. Industry reports cite the growing number of Intellectual Property (IP) lawyers courting small firms instead of traditional big business clients. Go to Google.com and type in "IP lawyers" along with your state or city's name. Some IP law firm Web sites carry free articles on IP trends.
2. Non-Disclosure Agreements (NDA) are mandatory when you're developing some new product or process and you're seeking help from outside your company. You'll protect your asset from the beginning. One smart article on how NDAs work is at About.com, a product of the New York Times Co., at http://management.about.com/cs/ipandpatents/a/NDA062199.htm?p=1.
3. Don't let your assets loose, even inadvertently, through outgoing emails. Sandhills Publishing Company's www.processing.com shares safeguards for your outgoing email procedures at www.processor.com/mirapoint-Inc.
4. Consider an outside sleuth to help you find your hidden intellectual assets. Have you ever enlisted the help of a friend to help you find a misplaced item? Invariably, you'll hear, "Well, there it is, right in front of your nose." Outside consultants with keen expertise and sharp insights into how to spot potential intellectual assets can prove exponentially more valuable to your bottom line than that sharp-eyed friend.
About Ruth Klein:
Marketing Strategist and Productivity Coach, Speaker and Author Ruth Klein is the owner of the award-winning boutique firm, The Marketing/Time Source, and a top consultant to clients ranging from solo entrepreneurs to the Fortune 500. For more information about her best-selling books, popular seminars and newsletter, visit www.ruthklein.com.
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