1. Make money from your intellectual
property
Intellectual property
It is the case that the majority of companies will boast some form of intellectual property. It has been
made clearer with the help of Kate Horstead as to the best way to recognize what your IP is and most
importantly how you will be able to make full use of your it turning it into money.
The intellectual property of your company may comprise of everything from the content on your
website, software for your computer of your own design to the logo for your company. If you are
intending to exploit it then you should make serious considerations into protecting it by way of:
Patenting,
Trademarking,
Copyrighting,
Design righting.
Intellectual Property Offices (IPOs)
You might find it of some use to you to visit their online diagnostic tools page where you are likely to
find additional information with regards to keeping your IP safe; this is in addition to advertising and
whether you can make it work for you through proper licensing, franchising or selling.
The online diagnostic tools page provides its visitors with case studies, great advice, guidance and local
events to help you understand anything that you don’t understand already. You also have the option
of visiting IAM Market which also features some very handy and usable information for the small
business owner.
Licensing you IP
Licensing within a business is a perfect way of giving someone else the legal rights to make use of your
patent or your copyright; for example, a sports drink formula or an article about sport and fitness
which can be used for publication in a particular area or among a certain group of customers.
20 years is normally the life span of a patent, this means that if you yourself don’t have the resources
to make good use of your IP then accepting a license agreement that is offered from another party
can be financially beneficial to you, even if it’s only going to be 10p per sale, this is better than making
no money from your patent at all, don’t you agree?
Becoming a franchise
The main idea behind franchising is that your company can evolve into something bigger; expanding
while someone else carries some of the risk. Pizza outlets are a prime example; however, the range of
franchised companies spans out further than food outlets.
Drawing up an IP agreement
One of the most important things to realise when drawing up an IP agreement to license, franchise or
sell is that you MUST seek legal advice first. Do not place all your cards on the table, keep negotiations
confidential by way of a confidentiality agreement or an NDA (Non-Disclosure Agreement) which are
put into place to make sure that small businesses and firms are well protected.
2. The key risks of not having an NDA are that as well as putting a block on patentability, competitors
can make good use of your information and profit from it while at the same time destroying your
reputation.
It is of ultimate importance that you consult with a patent or trademark solicitor. You will find that the
institute of trademark attourneys is a good place to begin and the British Franchising Association is
visiting option.
Do you see IP/technology as a strategic asset? Then find the business partner you need on IAM
Market.
