Having lunch with a friend and business partner yesterday we started to talk about owning ideas what the business world calls intellectual property (IP). This includes patents, trademarks, and copyrights. To qualify the idea must be original, not obvious and useful for a patent and an original work, fixed in some medium and at least marginally creative for a copyright. We discussed some of his students and how their interest in developing IP is always strong. He mentioned occasionally they believe that the creation of IP is the end game. They imagine riches and the lifestyle they will enjoy as inventors. They need redirecting to understand that the successful marketing of a product is where the revenue stream begins. Here it is by the numbers:
- Acquire Intellectual Property. This can be by invention or acquisition. Later this will be your protection that the developmental work and market creation is not simply exploited by a bigger competitor.
- Discover all the possible uses of the IP. Here is where dreaming can be helpful!
- Rank them in order of likely success and profitability.
- Create a marketing plan to expose each potential licensee to the required information. Show them how they can make more money with your idea. (Be sure to protect yourself with Non-Disclosure and Privacy agreements before sharing)
- Close the sale with a licensing agreement or royalty payments.
You can make money with your ideas. Dreaming is not enough. Visualize the end and chart a path to take you there.
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