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 founder of Paradies law, the creator of the iPscaling method, author of "The Entrepreneur's Guide to Owning Everything," and developed the "Concertina" principle to help business owners build real, sustainable value.
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.
That's why I developed the "Concertina" principle, a powerful metaphor, which makes intellectual property easier to understand and much simpler to manage, without making the same mistakes so many businesses made in the past and without wasting tens of thousands of dollars on lawyers and IP that doesn't add value.
We'll get back to that soon, but I need to share why I'm doing this.
So, let me explain where I'm coming from...
All of the awards and recognition that I've received for my efforts helping small businesses, as chair of the board for a regional incubator, facilitator of business startup classes, and more... All of these barely scratch the surface for business owners needing advice from a qualified, certified intellectual property attorney.
In Florida alone, there are half a million businesses that need advice on iP.
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.
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 to meet the need!
Few attorneys can serve a tenth that many clients.
So, many go without.
But let's get back to the "Concertina" principle and helping you with your iP.
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...
80% of the total value is the value of all that 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". There's an important difference, and you need to know it.
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).
In a recent discussion with Paul Hays, principal of Clifton Larsen Allen, Paul showed a co.Starters class of mine how accounting for intangibles can add substantial equity to a business.
The example used was software development, but it could have been any type of iP. And the equity added can be greater than the cost to the business. Why would a business spend money on iP, if it wasn't valued at greater than the cost?
Yes, "intangible property" or "iP" has real value! Lots of it! And business owners cannot afford to ignore it.
The value of iP 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 kill innovation.
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 help to protect rights in those intangibles.
And law firms and IP 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, adding the intangibles to their balance sheets, while starting and scaling a business. And protecting these intangibles with the right types of intellectual property is common sense and can be done without spending tens of thousands on lawyers.
Many iP owners make a good living just from passive income iP generates. That's good news.
But it's not all good news...
The "legit" online quasi-legal service providers, like Legalzoom, 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 that only seek to part "inventors" from their money!
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 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 typical online services to protect your intellectual property means you're likely to miss your most valuable intangibles, leaving them entirely unprotected, while thinking that you've done the right thing (or at least something).
Is there a better way?
YES! One thing that I have learned over two decades... You can't lump all business owners together.
You need a specific strategy, all your own, to "own protect grow" value in your particular iP.
Never cut corners on intellectual property you actually, really need to protect your most valuable iP. That leaves money on the table. Lots of money ($4 out of every $5 of hard earned business value)!
Still, 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 with value LESS than what it cost to "protect" it. That doesn't make sense.
And it's not just patents... although patents can be the most costly type of protection for iP...
Ineffective trademark and copyright registrations waste tons time and money for unwary business owners.
Now, the right type of iP... protected with the right IP... building business value over and above what's spent on it... That's AWESOME!
Done right, iP can 5X business value, building equity for the business owner.
While iP done wrong... well, that's just not smart.
At best iP done wrong costs you tens of thousands of dollars with nothing to show for it.
At worst iP done wrong puts 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 what I'm spending much of my time on these days.
So, let me share with you the "Concertina" principle. It will change the way you do business. It will change your life.
Every entrepreneur can manage 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, which explains how the "Concertina" principle applies to you.
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. My iPscaling program can help with that and save you tens of thousands of dollars.
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.
Do you want to risk losing 80% of the value your business?
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