What's Your Intellectual Property Score?
After two decades serving business owners as a U.S. registered patent and Florida Bar certified intellectual property attorney, I've found that no two business owners are exactly alike.
However, the value of certain types of intellectual property to business owners does tend to reflect certain characteristics of the business and its owner.
Since more than 80% of the value of innovative and creative businesses can be attributed to "intangibles" that can be protected by intellectual property, I've created a FREE QUIZ that determines a business owner's iP score or "iPscore".
If the value of a business is going to be scaled quickly and efficiently, without wasting tens of thousands of dollars, it needs to know its iPscore.
Take a few moments to complete your iP score. You'll get instant access to a report on the "intangibles" or "iP" that may be most valuable to businesses that share your iPscore.
Why not see how you stack up to other entrepreneurs. Take your FREE QUIZ, and get your customized report with your iPscore.
What Will My iPscore Tell Me?
Every entrepreneur should own everything! But not every thing is worth spending time and money protecting with intellectual property.
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 head of protection around "intangibles".
Chris Paradies is a US registered patent attorney and Florida Bar Certified iP attorney. He's the creator of the iPscaling method, the Concertina principle, and "The Entrepreneur's Guide to Owning Everything," which help owners of businesses build real, sustainable value, and owner of Paradies law, an iP law firm.
What are intangibles?
Hi, I'm Chris Paradies, a U.S. Registered Patent Attorney and Florida Bar certified intellectual property attorney. "Intangibles" are nearly every businesses most valuable assets, but not what makes up the most valuable intangibles depends on many factors.
If you're still using the shotgun approach to intellectual property, you're probably wasting valuable time and money protecting the wrong things. (And you might be inadvertently exposing your business to lawsuits.)
I'm here to tell you that our legal system is broken. In a recent copyright case, nearly $4 million in attorneys' fees were awarded to the winning plaintiff. (Another half million of costs went unreimbursed.)
No small business owner can afford such extravagant costs. But after two decades serving hundreds of businesses, I've seen the same iP killer errors made over and over again by one business after another. Most business owners just don't understand intangibles.
The value of intangibles has increased, dramatically, but the costs of protecting iP has skyrocketed. The cost of lawsuits is staggering.
I've spent much of my time looking for ways to help business owners, and I've created a powerful metaphor, the Concertina principle, which makes intellectual property easier to understand and simple to implement.
I'm the chair of the board of directors for a regional incubator and accelerator program, and I facilitate a business startup class for artists. I have developed and taught intellectual property and business basics to classrooms filled with entrepreneurs.
I've received awards and recognition for my efforts from business and economic development organizations. But I don't say this to brag. Just the opposite really...
With all that I've done, I've barely scratched the surface of the need.
In Florida alone, there are half a million businesses. For each business that I've been able to help, directly, either one-on-one or in a classroom, there are hundreds of new businesses that have never received legal counsel from a qualified, board certified intellectual property attorney.
How do I know for certain?
Even if every Florida Bar certified intellectual property attorney were working in private practice, which is not the case, each of us would have to work with more than 3000 clients, each, and we still wouldn't manage to reach every business. (And few attorneys can serve a tenth that many clients!)
In 2015 intangibles made up more than 80% of the total enterprise value of companies listed on the S&P 500.
In 1975 it was less than 20%! So, in 40 years it completely flipped. How?
We entered the age of "innovation". The most valuable companies are innovative, such as Apple, Google, Facebook...
That 80% represents the value of all innovation, good will, creative works and other "intangibles".
You can't see intangibles. It doesn't necessarily show up in profit and loss statement or even on most small business balance sheets.
Yet, "intangible property" or "iP" has real value. It's value amounts to more than $4 of every $5 of the value of your company, if your company is innovative or creative.
Savvy owners are quickly building business value by scaling the value of their iP and exploiting it.
Intangible property or "iP" must be owned and may be protected. Yet, many business owners think they own their intangibles BUT fail to take the simple actions needed to actually own it.
Even fewer know what intangibles should be protected and actually protect it.
The five essential tools for protecting iP are trademarks, copyrights, patents, trade secrets and enforceable agreements. Those 5 essential tools are called intellectual property. Many business owners don't understand this difference between intangibles and intellectual property.
The good news is that inventors, creatives, innovators and risk takers can be rewarded quickly by scaling the value of intangibles, while starting and scaling a business.
Many iP owners make a good living from just the passive income iP can generate.
But it's not all good news.
The "legit" online quasi-legal service providers and some well-meaning attorneys tend to lump every business owner together. One size fits all.
If you go this route, you'll have no idea what has value and what is just wasting your two most valuable resources: time and money.
And the illegitimate hucksters and invention promotion scams are even worse. They're intentionally trying to part you from your money.
It's said that if the only tool you have is a hammer ... everything starts looking like a nail.
If you go to a patent attorney, are you're likely to leave thinking you need a patent? (You probably don't.)
If you use an online service, you may "protect" something that doesn't add much value, just because that's what they have automated.
And you're likely to miss other more valuable intangibles, leaving them entirely unprotected, even after thinking that you've done the right thing.
Is there a better way?
One thing that I have learned. You can't lump all business owners together. Different types of businesses need to focus on vastly different iP with different strategies to "own protect grow" the value of iP.
More than 9 out of 10 entrepreneurs don't need a patent to protect their "inventions". For these entrepreneurs, a patent would add little value but would waste tens of thousands of dollars.
But for those few that do need a patent... the quality of the patent could be the difference between success and failure. Should they try to get the lowest cost provider? That could mean disaster.
Cutting corners on the type of iP that you really need leaves money on the table. Lots of money. As much as $4 of every $5!
The cost of protecting your valuable iP should be a fraction of its value. Instead, I've seen some business owners with iP having a value less than what it cost to protect the iP.
And it's not just patents...
Ineffective trademark and copyright registrations cost time and money too. In contrast, the right types of iP, protected the right way, build business value (more than 80% of the value of a business). So, iP done can 5X business value, while iP done wrong...
That can end up costing tens of thousands of dollars in legal fees with nothing to show for it.
For eight years, I've been working to find better solutions that help business owners target the most valuable iP without wasting tens of thousands of dollars on lawyers and the wrong types of iP.
That's why I created the iPscore Quiz. So every entrepreneur can evaluate his or her iPscore and focus on the right types of iP.
Click the button below to take your FREE QUIZ, and get your intangible property score (iPscore), find out what it means, and learn how it can help build business value right away with a few simple tweaks, perhaps.
Trade Secrets, Copyrights, Patents, and Trademarks are examples of IP that can be used to capture and grow the value of intangibles. But naming these types of IP doesn't end the confusion for far too many entrepreneurs.
(And it's OK to be confused about iP/IP right now, if that describes you. We've got you covered.)
I'm also a scientist with a Ph.D. from Rensselaer Polytechnic Institute (RPI), a graduate of West Point, and a veteran. (You'll learn why all of my training and experience are important to you when you take the FREE QUIZ.)
I've created a way for business owners to determine their iP score or iPscore.
It takes only a few moments and could change your life. Really!
Imagine 5X'ing business value quickly without spending tens of thousands on lawyers.
Could that perhaps help with raising money from investors or securing a loan from a bank or the SBA?
Yes! It could make a huge difference.
Also, if you ever decide to sell your business or if you just want to receive royalties paid for use of your iP, you'll need to own it, using intellectual property to protect it and scale its value.
Could receiving passive income for you creative works, brands and innovations change your life?
Knowing your iPscore makes it easier to identify types of iP that might be a good fit for your business. Also, it'll help avoid mistakes that can KILL the value intangibles.
Why risk losing 80% of your business' value?
Ignoring 4/5ths of the value of your company just doesn't make sense. Right?
So get your iP score now!
© 2019 Paradies IP Solutions LLC