That is, it’s dependent upon what you have done to develop and commercialize the IP. Because the value is derived from more than just receiving a patent, copyright, or trademark. While that does create some value, value is more about what IP represents in terms of revenues. A new technology that’s been developed and proven, and has application to multibillion dollar industries, could have a very, very large value. On the other hand, if you’ve got an idea for a new children’s TV series, although you’ve received the trademark and copyright, you’ve yet to expose it to an audience, so the value is very limited.
To better understand where the value of an intellectual property is derived, let’s look at a new product invention. Some of the key value drivers include:
- – What problems is the product solving?
- – What are the benefits?
- – What makes this product so unique?
These are what people are looking for. This is what innovation is about; something that does something better, more unique, at a lower cost, and more effectively. In next month’s newsletter, we’ll talk about some strategies that can be used to build value for your intellectual Property.