IP...What is it, and how does it apply to my business? To answer that question we have to re-examine the 3 principal types of property people can own...and remember Corporations are people too. Well not really, but they apply in this example.

The property types are:

Tangible Property...
Real property...
Intellectual Property...

Since this blog is focused on IP let’s examine that one for now. Though the other two types of properties can, and should, be part of your company's asset pool. Intellectuality Property is often times the most prized asset a company has.

So what is IP exactly? In its simplest form, IP are those things that originate from within...unlike those other two types of property that are tangible, ALL IP begins in the mind of inventive individuals. It is these ideas that, once refined, become IP for the company in question.

Doing our best to avoid reinventing the wheel, let's look at the big boy of brands, ringing in at over 68 billion dollars (said with pinky to side of mouth.)

"Coca-Cola®"...is the world’s most expensive brand with it's estimated worth based primarily off of the companies Intellectual Property. What we can learn from this company is just how important IP can be to the future worth of any given company. This does not mean that getting yourself a "quick" trademark, (I emphasized Quick...the complete process may take up to 18 months to complete), is the answer to all of your financial woes.
It is not the lone trademark that has caused this soft drink giant to make it to the top of the list. It becomes obvious that it is the full scale assault in the IP arena that has caused Coke to rise to the top with regards to brand recognition.
From patented recipes, to aggressive trade marking of new logos, and a slew of other IP acquisitions are what keeps this "big boy" at the top.

Did you notice I mentioned NEW LOGOS...? That's right, the cola giant and other aggressive companies are constantly in the market to acquire new and fresh product packaging, recipes, slogans, and logo representation, all falling within the scope of IP. Once the USPTO grants the exclusive rights to reproduce the given product/image, the race is on to creatively market this new "baby", build a brand around the name, and capitalize on their successes.

This sounds great for a mega corporation, but how does this apply to you and your small business?
The aspect of IP essentially balances the playing field. It allows the "small fish" to have the same rights and privileges as those the towering giants possess. Rights that include being able to solely distribute and license your new IP, as well as the duty to tell others to "step off" in areas of the granted rights. That's right...it becomes your DUTY to police the marketplace, as well as to inform those that may be infringing on your new property that they are breaking the law.

In closing, IP can fall under a myriad of headings...information, data, know how, trade dress, mask words, inventions, patents, industrial designs, copyrights, utility models, trademarks, goodwill, and reputation. If you plan to have your new venture stand the test and trials of the marketplace, you just may want to consider speaking with an IP attorney. I emphasize IP attorney due to the fact that there is a separate Bar Exam to be a patent attorney. These guys know their stuff. This will be your best bet for relevant and competent information with regards to your IP...you wouldn't go to your family doctor to have him work on your sports car would you...?

Stay tuned for next week’s blog where we will discuss, "what’s in a name"...?