Capitalizing on your IP (Intellectual and Creative) Starts from Within

"The desire to create is one of the deepest yearnings of the human soul."

— Dieter F. Uchtdorf

Regardless of who you are, I guarantee that you have within that brain of yours, unique insights, ideas and expertise. Those form the basis of IP that is uniquely yours, or, if not yet rising to IP, can lead to potential IP goldmines - ready to be tapped and monetized.

Do the following exercise to create your own IP inventory of existing and potential IP assets. It’s the foundation upon which you can strategize for potential markets, licensing channels and partnerships; and determine where further IP development will best pay off.

1. Inventory Your IP Assets:

Begin by compiling an inventory of YOUR IP assets. This includes the obvious ones, like a brand you created, a song you composed, a character or meme you drew up, a story you penned, or a software application you developed.

Terms for categories of IP, including patents, copyrights, trademarks, trade secrets, know-how, computer source code, technology, business processes, data and customer lists can sound legalistic.

However, at the core, it boils down to this: think about what you've created, invented, built, compiled or improved that is original. Even if you are not sure if they rise to IP, write them down.

Now dig deeper—within these assets lie more granular IP assets that can independently hold value.

For instance, within your software solution, identify specific algorithms that solve unique problems. In your song, consider the lyrics, a catchy hook, or a distinct beat that could stand out. In your story, maybe there is a distinct character that can be developed independently. Even within a blog post about sustainability, there might be a unique framework or methodology on upcycling or for expanding solar energy distribution that you've developed.

Recognizing these sub-assets is crucial as each can be a source of IP that can be separately licensed, developed further and possibly be ones that end up creating more value than the original!

2. Discover Untapped IP Potential:

Take a moment to review things you may have invented in your daily personal, social and work routines. For example, if you've designed a unique system for managing client interactions that significantly cuts down response times, this could be a valuable IP asset. Or consider if you’ve crafted an eco-friendly method for reducing waste in your workplace—such practices could be developed into educational tools or consultancy services.

On the personal side, did you come up with an exercise routine that got you faster results that others might find effective? Or perhaps a training framework for your kid to improve his baseball pitching which could be adapted into an app or ebook.

In almost every conversation I have with someone, these personal innovations pop up. And many of them represent real opportunities to establish new intellectual property which can drive value for others.

This initial inventory is your first step in recognizing and crafting IP strategies. By maintaining an inventory of your own intellectual property, you'll be better equipped to apply these insights and maximize their impact.

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Keep an eye on our upcoming newsletters where we'll delve into both tried-and-true and new innovative strategies, focused on our new digital world, for monetizing your IP.

Subscribe and join us to transform your creative and intellectual assets into valuable, actionable opportunities.

Resources:

MINTangible's NFT IP Cheat Sheet includes a comprehensive database of IP asset segmented by Art, Music, Gaming, Fashion, Publishing, Sports & Software. If you play in those spaces, worth checking out those lists- its free.

MINTangible offers a comprehensive IP Assessment and Strategy Package for companies and creators looking to expand IP monetization channels online. Reach out to request more information.