Don’t believe these 5 Intellectual Property Myths!

I have a long list of Intellectual Property Myths I have created over the past 20 years. Some of these myths are silly and others are dangerous because they can have a negative impact on your business.

Today I’m putting on my “Myth Busters” hat to debunk five of those myths – focusing on the ones that can harm your business.

Here’s my countdown of the five worst offenders:

5. Intellectual property is too expensive

4. Intellectual property is too complicated

3. I don’t have enough time to protect my intellectual property

2. Intellectual property is just for technology companies and large corporations

And, the #1 worst offender…

1. My business doesn’t have any intellectual property (Ugh! I can’t even type that sentence without cringing!)

Let me address these myths in the order I listed them above.

5.  Intellectual property is too expensive. Yes, intellectual property can be expensive if you don’t take a smart approach. But, too many people ignore taking action to protect their intellectual property because they think it’s too expensive. You don’t have to pay an intellectual property attorney $2500 or more to understand the fundamentals of intellectual property. There are many activities you can do yourself to begin protecting your creative works. And, the cost of failing to protect your intellectual property can mean losing your business when a competitor steals your creative work!

Don’t use price as an excuse. In a recent article, I outline my 5-Step System to identify and protect your intellectual property assets. Read that article (it’s free!) to start understanding how you can protect your creative work. Here’s a link to the article: https://stevesponseller.com/intellectual-property-step-by-step/

4.  Intellectual property is too complicated. This is similar to #5 above. Intellectual property does not have to be complicated. Yes, there are certain aspects that are complex like litigation and patent applications related to the latest technological advancements. In those situations, you need an attorney to help navigate the intricacies of intellectual property law. But, those are uncommon situations for most businesses.

The majority of day-to-day activities that protect your creative works do not require an attorney. Read the article I mentioned above to see how simple some of the activities are to protect your intellectual property.

3.  I don’t have enough time to protect my intellectual property. If you read the article above, you’ll see that many activities can be done in 10-15 minutes. If you can’t find 10-15 minutes a few times a week to protect your most valuable assets, then your business has bigger problems. If you start with small blocks of time you can begin making progress and create a habit of automatically identifying and protecting your creative content.

Don’t use time as an excuse. You can’t afford not to spend time on this important activity. If someone steals your intellectual property because you didn’t spend the time to protect it – no amount of time can bring it back.

2.  Intellectual property is just for technology companies and large corporations. I know that technology companies are often highlighted in the news and large corporations like Apple and Google regularly mention their intellectual property. But, every business has intellectual property – not just the ones you see in the news.

For many technology companies, intellectual property (especially patent protection) is critical to their business. These companies spend huge amounts of money to develop new technology and rely on patents to prevent competitors from stealing their inventions.

But, intellectual property is much broader than just patents and extends to all types of businesses in any industry or market- see the discussion of Myth #1 below for more details.

1.  My business doesn’t have any intellectual property. Your intellectual property includes your creative work (such as blog posts, PowerPoint slides, website content, and audio/video recordings), brand identifiers (like your company name, company logo, and product names), inventions, and trade secrets. If you’ve been in business for more than a few weeks, you do have intellectual property, regardless of the product or service you offer. If you currently believe this myth, please read the article mentioned above to begin identifying the many intellectual property assets you (or your team) have already created.

Stop using these myths as excuses. You spend a significant amount of time and money generating your creative content and other intellectual property. These are valuable business assets that are important to protect. Don’t let any of the 5 myths discussed above prevent you from taking steps to identify and protect your intellectual property.

Get started by reading the article I mentioned above at: https://stevesponseller.com/intellectual-property-step-by-step/

Today is a perfect day to start protecting your creative content and other intellectual property assets.

Want more help protecting your intellectual property? Download my Free Content Protection Guide at http://ContentProtectionGuide.com

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