You have a great idea for a business product, a book, an awesome app, a unique design or some other creative project. Your golden ticket out of your 40-hour week, or maybe just a great side hustle that can earn you some extra money. You may be looking for ways to start working on it but you have one major fear holding you back – if you tell anyone about it or you don’t approach it strategically, someone may steal your idea and capitalize on your intellectual asset.
It’s a common fear among entrepreneurs, startups and small businesses, the looming idea that someone bigger and richer will realize the value of your idea and exploit it. Fortunately, these intangible ideas – the products, brands, designs, technology or creative works are intellectual assets that can be protected through intellectual property (IP) law and strategy. With the intellectual assets of the world’s biggest companies forming the majority of their asset portfolio and valued billions of dollars, IP protection and strategy has become a fundamental part of how business strategy, growth and expansion. The greater your understanding on how to identify the value in your intellectual asset and what steps to take to protect it, the greater your likelihood to succeed.