CHAPTER 5
Ensuring the Value of Your IP Rights: At Creation WHEN YOU HAVE A CREATIVE ITCH,
you are probably also thinking: “I wonder what this might be worth?” To ensure that you gain the full value of your IP, you must recognize at the very start that you are in fact creating IP rights. You must also be aware of how easy it is to lose those rights and how to keep them. If you develop a well-considered IP portfolio strategy in the beginning, you can realize significant profits from your creation and save substantial sums in enforcement as the world comes to know, and then desire, your IP. If you fail to consider what will make your IP rights valuable, you are likely to encounter reversals and losses at a later stage when you try to market or protect your creation.
Adding IP to Your Business Plan A successful and healthy business is usually based on a business plan. Whether you are just starting a business, acquiring a business, or operating a going concern, an ongoing business plan is essential. Your plan should begin with three short Statements of Commitment that answer the following questions: 1. S T A T E M E N T O F V I S I O N : What direction do you see your business going? Where do you want your business to be within your industry or trade? Within the world? By what year do you want to be there? What will your business be doing and what financial returns do you expect for your business? 2. S T A T E M E N T O F M I S S I O N : What three or four things will your business need to do in order to achieve the Vision? Do you need a certain public or market image? Do you need certain qualities in your employees? Do you need certain clients or a specific type of financial backing? 3. S T A T E M E N T O F U N D E R T A K I N G : What steps will you implement in your business to accomplish the Mission? What policies and practices will be established to meet the Mission and achieve the Vision? T I P : The Statements of Commitment are intended to focus your business plan on one of the keystones to success: consistent branding. In this sense, “branding” means the entire image or whole experience that you would like to create for your business. Your business vision should be like a house that is raised on a single, solid foundation. A consumer who visits your “house” will be more impressed, and more likely to remember it, if it is built on a core image throughout—in its business identity, media and public communication, products and services, and business practices and policies. Brand loyalty is a prime factor in a company’s success and ability to achieve long-lasting presence in today’s markets.
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