When most people think of capital, they think of something tangible. But money isn’t always in the form of a common currency. Sometimes, it comes in the form of intellectual property. If you have a great business idea, you could have substantial intellectual capital.
What is Intellectual Capital?
Ideas have value. As technology improves at a rapid rate, innovation is becoming more and more important. People with new ideas stand to profit a great deal.
Unfortunately, an idea means very little without some form of protection. Intellectual property alone is not worth money unless other people can’t steal your idea. You need to protect it to give in monetary value. In many cases, that means working with a patent attorney in Orlando.
Intellectual property comes in many forms. The way you protect your property depends on the nature of your idea. For example, your idea might be for a new invention. You could protect it with a provisional patent. If your idea is for a new business, you could trademark the name of the business.
Three Aspects of Intellectual Capital
Intellectual capital refers to three main elements. First, there is human capital. This refers to the training, education, and value of your workforce. Secondly, there’s relational capital. Your relational capital is your relationship with customers, suppliers, and partners. Finally, there’s structural capital. This refers to the databases, policies, and other intellectual property.
If you have a great idea, it comes in the form of structural capital. The idea itself is valuable. Once you start putting your idea into practice, your relational and human capital can also increase.
The Importance of Ideas
These days, every industry is loaded with competition. You need to work hard to get your business to stand out from the rest. For this reason, intellectual capital is crucial.
Your idea gives you a major advantage. Whether your concept is relevant to marketing, distribution, or manufacturing, it can boost your business. You can watch your business grow while your competitors struggle to catch up to you.
It’s not all about being the first person to come up with an idea. If you don’t protect your idea, your competitors can eventually match you. By working with a patent lawyer in Orlando, you can make it harder for other businesses to use your new concept. You also get more time to continue developing your idea and employing new concepts in your business strategy.
Often, the first business to use a novel idea is the one people trust. For example, a common marketing tactic is to use the word “original.” If people know you are the first to use a certain technology or sell a certain product, they may be more likely to patronize you.
Therefore, you can capitalize on your intellectual property by establishing a strong brand identity. One way to do this is to get a trademark on your business name or slogan. An Orlando patent lawyer can explain how trademark law works and get you started on the trademark process.
Keeping Your Intellectual Property Safe
Just as you wouldn’t want anyone stealing your physical capital, you wouldn’t want them stealing your intellectual capital. It could be the one thing propelling your business forward.
For that reason, you should go through great lengths to secure your intellectual property. You should consider trademark, copyright, and patent options for your business. The more you protect your idea, the greater your chance of business success.