Intellectual Property Insight: The Five Buckets of Intellectual Property Use

Understanding and effectively managing intellectual property (IP) is crucial for every expertise-based business. Here’s a quick breakdown of the five primary ways you can utilize IP within your business.

1. Tools

These are internal assets that help you deliver services to your clients.

Examples include:

·        Standards and Procedures: Guidelines that ensure consistent service quality.

·        Databases: Collections of information that support daily operations. Resource Libraries: Repositories of documents, templates, and other key resources.

·        Frameworks: Structured approaches to problem-solving or project management.

·        Productivity Tools: Software and methodologies aimed at increasing efficiency.

2. Marketing

These are public-facing assets not intended for sale, aimed at promoting your business. Examples include:

·        Website Copy: Text and graphics used on your website.

·        Lead Magnets: Free valuable content offered to potential customers in exchange for their contact information.

·        Newsletters: Regularly distributed updates and educational content sent to subscribers.

·        Social Media Posts: Content shared on platforms like Facebook, LinkedIn, and Instagram.

·        Speeches/Slide Shows: Presentations given at events or webinars.

3. Client Deliverables

These are assets created specifically for clients. Client work can be both a source of IP (when the client provides materials to you to create deliverables) and a use of IP (when you contribute your pre-existing materials to create deliverables).

Deliverables include:

·        Customized Reports: Tailored analyses or strategies.

·        Project Plans: Detailed blueprints for client initiatives.

·        Training Materials: Customized learning modules developed for client teams.

4. Products

Items created for sale; examples include:

·        Books: Publications authored by you or your company.

·        Training Programs: Educational courses offered to individuals or organizations.

·        Licensing Programs: Intellectual assets that others can license from you.

5. Exit Strategy

If (when) you decide to sell your business, it is important to have intellectual property that can be transferred to the buyer. Remember: intellectual property is a legal monopoly.

That means that the only way a potential buyer can acquire your IP is by buying it from you. Understanding these five buckets helps you strategically manage your intellectual property.

Make sure that you have the appropriate agreements and licenses in place to protect and maximize the value of your IP.

IP is fuel. 🚀

Erin