The biggest reason you fail to understand intellectual property is the way you think about IP.
One of the biggest obstacles to making money with intellectual property is the way you think about it. Most people fail to “see” IP. They “think” of it as tangible products or services. Intellectual Property is part of your everyday life. It is in nearly everything you do at home, school or work. If you read a book, watch a movie, surf the internet or drive a car, you are using intellectual property.
Intellectual property is created from your mind in many forms such as formulas, technology, drawings, processes, software, or literary and artistic works. These forms become different types of intellectual property including patents, trademarks, copyrights, trade secrets, business processes and know-how. IP then becomes an intangible asset with legal rights.
Intellectual property develops over time and is the secret to creating new wealth building opportunities around the world. It is intangible wealth that is transformed into tangible wealth by commercializing (i.e. licensing) it in different forms of products, services or technologies.
The “Licensing Mindset” thinks outside the “tangible products or services” box. It “sees” new, innovative and useful applications for an intellectual property. Often it’s discovering new forms, markets or even bundling it with other IP outside of its core product or service. For instance, a patented design feature used to streamline an aircraft may work to enhance fuel-efficient design in automobiles. Or, a copyrighted rock-and-roll song may contain lyrics and rhythms that work well for the television ad for a motorcycle company.
By applying a creative “licensing mindset” to the real value of your “IP asset” and the revenue opportunities it possesses, you can find yourself with a treasure trove of unrealized wealth.