Looking at Business Through The IP Lens
So let's talk about intellectual property intellectual property is everything okay it's everything that you're creating in your business it's all of the assets that are sitting in your business every time you're creating something you're creating intellectual property okay so this is your legacy it's the value that's in your business if you ever want to sell your company if you ever want to take on an investor if you ever for some reason need to provide evaluation to anyone then understand your intellectual property is really really important because ninety five percent of the assets in your business are ripe okay there intangible assets many years ago it used to be that businesses were made up of lots of equipment or buildings or inventory not so nowadays nowadays are businesses are all made up of intangible assets and this is true you're a large corporation or if you're solo preneurs okay so really important for you to understand what it is so let's deal with the definition so this i...
s the official definition fromthe world intellectual property organization and it says creations of the intellectual property is creations of the mind inventions literary and artistic works symbols, names and designs used in commerce so that's the official definition of intellectual property and here's my definition that I think simplifies it a little bit intellectual property is original creative works used in business so if you create anything original and you somehow connected to your ability to sell something then you've got I p okay so that's how it works you create something and then you connect it to sell it something and that's what makes it intellectual property okay, so let me give you a couple of examples of this do you understand what I'm talking about if you have let's say of course that you've created so maybe you're a designer and you've put together of course teaching other designers how to do some of the things that you d'oh right? So you've got this whole course that has maybe video maybe it has some audio maybe has some written lessons and people can purchase it from you that's intellectual property right and that's pretty straightforward it's it's ah, a product that you are actually selling so it's pretty obvious that that's it but here's another example that maybe that's less obvious if you're writing about content on your block so if you've got articles on your block if you put images there if you put videos there if you have a podcast all of that content that you're creating that's all intellectual property as well even if you're not selling it because it's connected to your business right you're using it as sort of a marketing tool you're using it to promote your business so you're using it to drive traffic to your website so people can see your products and our services so is long as it's you know something that you're creating and it's somehow connected to the stream of commerce you know, connected to business then that's what makes it intellectual property so what I want you to start doing is looking at everything in your business and every decision that you make it through the lens of intellectual property ok? So every time you have a transaction you should be thinking about all right how does this transaction affect my I p okay, so you know if you're going teo, you know, enter into a joint venture agreement with another company and maybe take some intellectual property that you have and added to some I p that they have on dh then sell it together, you know, the terms of that arrangement and what happens that intellectual property do you still own it? Are you transferring ownership in some way what's happening there that's what you should be always concerned about? All right? So always be focused on what is happening to the intellectual property that I'm dealing with, ok? Because that's, what you're in the business of you're in the business of selling and transferring and licensing intellectual property so always be thinking about how the transactions that you're entering into are affecting your ownership of that intellectual prop pretty ok, so I'm going to break that down for you throughout this course, but I just want you to be always thinking about that the business decisions that you're making, how you make those good decisions by making sure that you understand what's happening to your I p and there are times when it totally makes sense to sell it, but just know that if you're selling intellectual property, you're selling a profit center I p because it's, an intangible asset is something that you can sell over and over and over again, right? So, like this table right here, you can only sell it once it's a physical object, you're going to sell to someone, they're going to put it in their house, we're gonna put in their office and that's the one time it could be sold, but with an intangible asset, you can sell that same thing one hundred million times if you want to write so that's why intellectual property is so valuable in and of itself it is a profit center just by the nature of it. So when you're selling I p and you're selling the ownership rights to that intellectual property, you should be charging a decent sum of money. Okay, that's, not something that you sell cheaply because you are selling a profit center and that's how you want to be thinking about it, okay, so I want you to start thinking about your business, as you know, an intellectual property factory because that's pretty much what it is you're creating amazing content you're creating amazing products you have processes and formulas and systems in place that enables you do what you do and all of that is I p o k so be thinking about the value of your intellectual property so let's talk about the value of intellectual property around the world just you can get a quick view of why I p is so valuable I pee in the u s is worth five trillion dollars that's twice the federal budget to run the entire united states ok that's a lot of money so just understand that it is really highly valuable ok it's really world value ok this is not fictitious made up in the clouds money this's real money I p is responsible for thirty nine percent of the european union's gdp um over two hundred fifty billion of the value of the asx one hundred which is the top one hundred companies in australia is attributable toe so I p has a similar value in all pretty much all western countries and even in a lot of developing countries intellectual property is a huge driver for the economy ok so just know that as a creative when you're creating intangible assets and you're actually promoting growth in the economy okay so this is how all of us are making our money nowadays we're not making our money from physical products we're making our money from intangible assets so unfortunately, because we're dealing with an intangible asset and that's what the, you know, value of our businesses. So we've got these intangible assets that are sort of easy to be stolen, right? Like, if you want to steal this table, you have to come in here and come get it right if you want to steal someone's, I pay you khun often grab it right off of their website, right? So sometimes it makes you know this asset it's, highly valuable and easily stolen, easily transferrable, right? And so that leads to a lot of theft, so intellectual property theft is actually an entire industry. All right, five to seven percent of world trade is in counterfeit products. Okay? It's, counterfeit copyrighted products. Okay, so, you know, you're not the only person that's dealing with this. If you've been in business for a little while, you've probably already experienced someone taking your work and misusing it. We're trying to pass it off as their own. Ok, this is pretty common, and if you're in business, whether big or small, you're going to experience this at one point or another. So I just want you to understand that this is a big industry, six hundred billion dollars worldwide industry, so you have to know that. And that means that you also have to have a plan in place, because we're not going to be victims here, right? And we're not just gonna let people steal our valley very valuable assets. Hell, no, we're not having it. So I'm going to tell you exactly what to do later today to protect your intellectual property and the steps that you should take should someone's deal it. So now you understand intellectual property and your business. You have sort of the basic introduction, right? Your business is made up of intellectual property, that intellectual property is highly valuable, and that I p requires protection.