Intellectual property and business plans.

You know what a good business plan is, right? A business plan is a description of how you want to build your company. In the business plan, you want to explain what customers you want to target via which marketing channels, what makes you different from competitors, who the management team is, how you are going to make a profit, and what the milestones are for achieving your business plan. So, in a nutshell a good business plan follows the story of your business.

Why do you need a business plan for intellectual property?

Simple.

You want to make money. Intellectual property helps you make money by creating worth in the intangibles of your business. Your inventions are protected by patents. Your brands are protected as trademarks. Your work is protected under copyright law.

Your business plan needs to talk about intellectual property and your intellectual property lawyer needs to know how you’re going to monetize, else your intellectual property will not have the right value or worth.