What's Your Intellectual Property Score?
Taking our free iPscore Quiz will give you your iP score. See how you stack up against other businesses.
Which types of iP build business value the fastest for business owners with similar iPscores? An instant custom report is generated, which answers this question, and you'll get access to customized video training.
Based on my two decades of experience serving business owners as a U.S. registered patent and Florida Bar certified intellectual property attorney, the free training provides practical takeaways.
If the value of your business is going to be scaled quickly and efficiently, without wasting tens of thousands of dollars, you need to know your iPscore.
Why not see how your intellectual property compares to other entrepreneurs. Take your FREE QUIZ, and get your customized iPscore report delivered instantly to your inbox.
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 hedge of protection around "intangibles", a defensible barrier to infringement.
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. He's the founder of Paradies law, an iP law firm, focusing on small business owners.
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 asset, but what exactly makes up the most valuable intangibles depends on your business.
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 expensive lawsuits.)
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 in costs went unreimbursed.)
Can a small business owner afford such extravagance?
After two decades serving hundreds of businesses, I've seen the same iP killer mistakes 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, from just 20% of total value 40 years ago to more than 80% today. However, costs of protecting iP have skyrocketed, and the cost of lawsuits is staggering.
I've spent so much time looking for ways to help business owners, without breaking the bank. I discovered the Concertina principle, a powerful metaphor, which makes intellectual property easier to understand and much simpler to implement, without making the mistakes so many businesses made in the past.
Now, even though I've received many awards and recognition for my efforts to help small businesses, as chair of the board for a regional incubator, facilitator of a business startup class, and more, I've barely scratched the surface for business owners that need advice from a qualified, certified intellectual property attorney.
In Florida alone, there are half a million businesses that need iP advice. 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 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! Few attorneys can serve a tenth that many clients. So, many are going without.
So, what happened over 40 years that caused the value of iP to flip from less than 20% to more than 80%?
America 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" or what I refer to a little "i" P or "iP". Some of that can be protected by intellectual property, which is referred to as "IP".
You can't see or touch intangibles. It doesn't necessarily show up in profit and loss statements or even on most small business balance sheets (but it should).
Yet, "intangible property" or "iP" has real value! Lots of it!
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.
Many business owners THINK they own their intangibles BUT FAIL to take the simple actions needed to actually own it. And if you don't own your iP, somebody else does!
Even fewer business owners know which of their intangibles should really be protected and actually protect the most valuable intangibles. Too many waste tens of thousands of dollars protecting the wrong thing or on lawsuits that don't actually add any business value.
The five essential tools for protecting iP are trademarks, copyrights, patents, trade secrets and enforceable agreements, like those that secure domain names or exclusive distribution rights, for example. Many business owners don't understand the huge difference between "intangibles," which create value, and the "intellectual property" tools, which just help to protect rights in those intangibles. And law firms and lawyers have done a poor job teaching the difference.
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, by protecting their intangibles with the right types of intellectual property and without spending tens of thousands on lawyers.
Many iP owners can make a good living just from the passive income iP can generate. That's good news.
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 intellectual property doesn't work. 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 then there are the illegitimate hucksters and invention promotion scams! They're intentionally trying to part you from your money with no value, whatsoever.
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, you're likely to leave thinking you need a patent. Right? (By the way, you probably don't. Most small, innovative businesses do not need a patent. If you need a patent, you need a good one.)
Now, if you use some online service, you may "protect" something, but will it add much value to your business? Or do they offer their service just because that's what they've automated and can make the most money providing? Using online services, you're likely to miss your most valuable intangibles, leaving them entirely unprotected, thinking that you've done the right thing.
Is there a better way?
YES! One thing that I have learned over two decades... You can't lump all business owners together.
Differing businesses need differring strategies to "own protect grow" the value of their particular iP.
Cutting corners on the type of intellectual property that you actually, 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 the value it adds to your business.
But, instead, I've seen business owners with iP that has a value LESS than what it cost to protect it.
And it's not just patents... although patents can be the most costly type of protection for iP... Ineffective trademark and copyright registrations cost time and money too.
Now, the right type of iP... protected the right way... building the right business value... AWESOME!
Your iP done right can 5X business value, while iP done wrong... Well, that's just not smart. That can end up costing you tens of thousands of dollars in legal fees with nothing to show for it. It can even put your business out of business.
For the past eight years, I've been working hard to find better solution for helping business owners target their most valuable iP, without wasting tens of thousands on lawyers and the wrong iP! It's why I created the iPscore Quiz and the "Concertina" principle. Every entrepreneur can evaluate his or her iPscore and focus on protecting the right iP... without becoming some type of iP ninja!
Click the button below to take your FREE QUIZ, and get your intangible property score (iPscore). You'll get instant access to your iPscore report and customized video training for businesses with iPscores similar to yours.
Learn how simple it can be for iP to build business value right away, maybe with just a few simple tweaks that won't cost you much at all...
Trade Secrets, Copyrights, Patents and Trademarks
There are classic examples of intellectual property that can be used to capture and grow value of your intangibles. But naming these types of IP doesn't end the confusion for many entrepreneurs.
(And it's OK to be confused about iP/IP right now. We've got you covered. Answers are on the way!)
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 so important to you in the free training that you get when you take the iPscore QUIZ.)
I've created a way for business owners to determine their intangible property score or "iPscore" and learn what similar business owners are protecting using intellectual property.
It takes only a few moments and could change your life. For real!
Imagine 5X'ing business value quickly without spending tens of thousands on lawyers. Could that, perhaps, help raising money from investors or securing loans from banks or the SBA?
It could make a huge difference.
If you ever decide to sell your business or if you just want to receive royalties paid for use of your iP, then you'll need to own it, use intellectual property to protect it, and scale its value.
Could receiving passive income for your creative works, brands and innovation change your life? You bet!
Knowing your iPscore makes it easier to identify iP that might be valuable to your business. Also, it'll help avoid mistakes that can KILL the value of your 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 iPscore now!
© 2019 Paradies IP Solutions LLC