Do you think that a service based business doesn’t create intellectual property? Think again, you may be ignoring a valuable asset. Intellectual property can be found in business processes and data collected. Business processes created and used by the business can be copyrighted, and licensed to others. The brand can be trademarked and licensed, or franchised. Don’t overlook the revenue that can be derived from the exploitation of the business intellectual property.
Every business collects data covering a wide range of information. Information about their products, competitors, customers, market and industry, and more. Some of this data is publicly available, some of it has been collected from consumers, customers or service providers , and although protected by data privacy laws, with consent, can be integrated with other data to create a useful tool for your business. This aggregated data also has value not simply for direct use for the business, but can be useful to other businesses. Thus, it can be sold to create a distinct revenue stream. The value will be determined by its collection and usefulness and the method employed to exploit it.
Specific data can be licensed through data-specific license agreements. The business database can be licensed by using a subscription license model, a license for access to specific content and through a distribution or reseller network.
License agreements should be well drafted, clearly set out ownership, use, collection, resale, fee and termination provisions. Business intellectual property, whether or not patentable, can find protection as a trade secret, copyright, or perhaps patent. To ensure your business intellectual property is preserved and protected, retain copies of how, for example, data is collected and stored, or in the case of processes, how the processes were generated.
To find out how we can assist you in identifying, protecting and exploiting your business intellectual property contact us now.