What Is Intellectual Property?
"Intellectual Property" should protect a company's valuable intangibles, what I refer to as "intangible property" or "iP". It is iP that adds value to a business. This is the mistake that gives rise to so many other mistakes when it comes to intellectual property.
Too many business owners seek intellectual property, thinking it adds value, in and of itself...
That's wrong. Intellectual property costs a business money. And it is only worth it IF...
... if the intangible property, iP, it protects adds substantially more value to a business than the intellectual property costs. Do you know what your iP ROI is?
Hey, Chris Paradies here. I'm a U.S. registered patent attorney and Florida Bar certified intellectual property attorney with two decades experience helping business owners manage their intellectual property portfolios. More than 9 out of 10 business owners don't need a patent.
When a patent attorney with two decades experience tells you that more than 9 out of 10 business owners don't need a patent, listen to him! Don't waste your $$!
The most common mistake I see is business owners wasting tens of thousands on the wrong intellectual property.
Often, this mistake leaves a company's most valuable iP vulnerable.
Because it leads to the "shotgun" approach to protecting iP. Instead of being laser focused on protecting your company's most valuable iP, the shotgun approach aimlessly files patents, trademarks and copyrights wrongly thinking this adds value, often missing the mark entirely.
I've heard seasoned entrepreneurs suggesting to ignore iP altogether as just a waste of time and money, but this is a huge mistake too.
More than 80% of the value of companies listed on the S&P 500 is attributed to iP! Should you ignore assets that can 5X your business value?
Too many business owners don't even know what iP is. It can't be seen or touched, but iP has real value.
So, what is iP? Intangibles include creativity, know-how, exclusive agreements, proprietary processes, good will in your brand... But it's only your intangible PROPERTY if your company owns it!
And that's a big IF!
I can't tell you how many hundreds of times that I've interviewed business owners only to find out the business doesn't own what the owner thinks it owns. If you don't own your iP, then somebody else does.
For example, a company hired a young man to create an ecommerce site for their business, when they finally got it up and running, after too many delays, they started making money. The ecommerce site caught on, and they started making good money, but the young man wasn't responsive when changes needed to be made to the platform. So, the company hire a more competent developer to make the changes, and the young man sued.
The copyright in the software running the ecommerce site was never transferred to the business by assignment, exclusive license or work made for hire agreement, even though the company paid for its development. This happens all too frequently!
If you're a business owner or are getting ready to launch a business, then hear me out. I have an answer for busy entrepreneurs, and it doesn't need to cost tens of thousands of dollars, either. In fact, it can cost very little to get started right using my iPstarter training, which helps business owners own everything!
My iPscaling® solution helps busy business owners own their company's iP (iPstarter), protect their most valuable iP using the right intellectual property (iPscaling), and grow the value of the iP (iPmasterclass).
The increasing costs of intellectual property legal services have left many business owners without any good options.
The American Intellectual Property Law Association (AIPLA) conducts a economic survey of its members every year or so, and you would be shocked at how much law firms charge for intellectual property legal services. The costs in this spreadsheet are examples of average legal fees.
Legalzoom and other automated form services are a poor substitute for legal services but testify to the frustration of business owners looking for a better way. Can any automated form tell you what will add the most value for your business? These substitutes offer no value at all when it comes to iP.
Many businesses need to file their trademarks in multiple classes and for multiple marks: brand names, logos, slogans... When a single mark in a single class costs more than $4000, the costs add up fast, and can cost a business tens of thousands!
A comparatively simple patent (i.e. less than 10 pages and no more than 10 claims) can cost more than $15,000, and that's only for the U.S. Costs of filing for worldwide patent protection is prohibitive for all but the best funded corporations.
The good news? Not every idea needs to be patented, and not every mark needs to be registered. But how is a business owner to know which need to be protected?
That's where my iPscaling® program comes in. It's a new, better way for busy business owners to protect the right iP using the right intellectual property, without wasting tens of thousands on unnecessary legal fees.
But I'm getting ahead of myself. First, we need to find out more about you and your business.
If I was sitting there with you, I would ask some questions. During our conversation, I would identify what you need, now, and what type of intellectual property you should get to protect and grow the value of your iP. Since we can't sit down and do that with the half million businesses that need my help, in Florida alone, I've created a way to assign an intellectual property score.
When It Comes To iP, One Size Does Not Fit All
Let My Experience Help You Discover Your iP Score
Hi, I'm Chris Paradies, and for more than two decades as patent and intellectual property counsel to large and small businesses, I've helped hundreds of owners build business value using intellectual property (and many hundreds more as a mentor, facilitator and small business advocate).
Intellectual property protects "intangibles" of a business, and it is this intangible property (not the intellectual property) that actually builds business value.
Intangibles can't be seen or touched, but the value is real! In fact, More than 80% of the total value of companies listed on the S&P 500 is derived from these intangibles.
But what's valuable to one business owner can be valueless to another. One size does not fit all. That's why I created the iP Quiz -- to help business owners like you discover your intellectual property score and do something about it, without spending tens of thousands on lawyers.
Why waste time and money on the wrong iP?
Every entrepreneur should own everything! But not every thing is worth spending time and money protecting with intellectual property. That gets expensive quick!
When it comes to iP, one size does not fit all. Trademarks, copyrights, trade secrets, patents and domain names can be used to build a hedge of protection around your companies "intangibles" but which to choose?
No entrepreneur can safely ignore iP. That's why your intellectual property score is so important. It helps you focus on the right intellectual property for you.