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OUR VOICES

INTELLECTUAL PROPERTY THE HIDDEN ASSET HOW TO FIND IT AND PUT IT TO WORK BY GEORGIA THOMAS

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all love the buzz that comes with finding an unexpected bonus. A $20 note in an old coat pocket; a welcomed cancellation that frees up your day, or a lone piece of cake when you visit the fridge. But a more practical type of bonus is discovering that your business has hidden assets, tucked away in places you’d never thought to look.

What type of assets are we talking about? Intellectual property (IP) is one of those fuzzy topics that can be difficult to grasp. But put simply, IP is just something you created in your mind and recorded in a tangible form. Maybe you wrote it down (in words, symbols or pictures), or recorded it visually (photographs, videos or even a flow chart). Perhaps you produced an online course, or you’ve invented a new process that could revolutionise your industry. 20 | Northern Voice | Issue 1 - February 2019

These are all forms of IP, that could be assets to your business. And once you know what to look for, it’s harder for them to hide.

What does IP look like? The most commonly recognised forms of IP are logos, movies and music, but there are many other types from song lyrics to computer programs, blog posts and illustrations. Even your policies and procedures, are potentially worth much more than the paper they’re written on. Each of these are the culmination of your knowledge and unique experience, and once you convert them from an idea into a form that others can read, watch or understand, they become assets to your business.

Why is this a bonus? An asset has value. And if you own that asset, you can use it in any way you choose. You can use it yourself, sell it, licence it, or just leave it to sit on the shelf gathering dust. The bonus is, that all the effort that went

Profile for Wyong Regional Chamber of Commerce

Northern Voice - Issue 1 February 2019  

Welcome to the first edition of the Northern Voice! A monthly e-magazine brought to you by the Wyong Regional Chamber of Commerce, showcasi...

Northern Voice - Issue 1 February 2019  

Welcome to the first edition of the Northern Voice! A monthly e-magazine brought to you by the Wyong Regional Chamber of Commerce, showcasi...