As described in greater detail in Nexio’s last article – Types of Monetization – there are strategic considerations needed for planning and implementing the monetization of Intellectual Property (IP). Any misstep in the process of developing, protecting, and leveraging your IP can have negative effects to the bottom line. Below are the most common mistakes:
One of our favorite clichés is “it’s easy to make a mistake, but hard to clean it up.” The challenge for those who rush to market, without vetting a strategy for the best chances of success, is that unintended consequences that often occur. The range of problems runs the gambit from minor to major. Some examples include:
Irrespective of the problem (really the symptom) the cause is most often…incomplete planning.
This issue requires strong coordination between business analysis and legal. Additional considerations include:
Perhaps it’s a cynical viewpoint, but in our experience the Internet has a few good examples and just as many bad examples. The challenge for most people is distinguishing between what is good and what isn’t. More importantly, the common user doesn’t understand how or why samples found on the Internet were created in the first place. We’d suggest before using a form on the Internet, perhaps it’s wise to ask these questions at minimum:
Monetization is hard to do by yourself. It’s a complicated process that requires knowledge in many areas including marketing, finance, legal, and sometimes other disciplines. Having experienced counsel in your corner provides a stronger foundation and helps turn optimistic vision into an effectual strategy.
The attorneys at Nexio Law Firm are committed to helping our clients achieve their business objectives and maximize return on their talent and inventions. If you decide to create and implement an IP monetizing strategy, it’s important to do all the necessary preparation to ensure your intellectual property—and your business—are well protected under the law. We’re here to help you every step of the way. We can be reached at (949) 478-6830 or complete the contact form and we’ll be in touch soon.