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The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business QUOTES

The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business QUOTES

1 " IP is not just an idea; it’s an intangible asset that does a specific job for you.
Each one is different—patents, trademarks, copyrights. The specific way you get that job done is what you’re protecting, and the way you do it affects the asset value. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

2 " IP filing is a race. The first person to file and get accepted wins and can shut you down, even if the idea was yours in the first place. Waiting too long means you don’t get a patent. Too many companies do just that. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

3 " In a small company, the CTO, R&D, the COO, and even the CEO or cofounders or owners can be responsible for reviewing documentation. Don’t rely on your memory; write it down. Ideas become reality when we speak them and write them. So document them in an idea journal (digital or traditional) without judgment at the time. Inventors (and especially software developers) tend to edit or judge ideas and conclude they are not patentable because they were simple—even though they solve important problems and do not exist elsewhere. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

4 " You feel ownership over your creation, your invention, and your ideas. But if you don’t legally claim them, you’re donating them to the public—or to competitors. Say you’ve come up with a solution to a problem. Protecting that potentially valuable IP creates a limited monopoly to keep people out. It’s like zone defense in basketball. IP rights help you own your zone—your competitive space where no one else can score. If the best offense is a great defense, then no offense is the worst. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

5 " IP is an intangible asset—an idea converted into transferable personal property rights through patents, trademarks, copyrights, service marks, and trade secrets. IP covers every famous animated character you’ve ever heard of, the logos on your clothing. IP covers products and services you use every day—from flashlights to mobile phones, packaging to cars, food and beverage products, to smart thermostats. IP is not only for big businesses. Most start-ups and event microbusinesses have IP of some kind.  "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

6 " If you can’t communicate it, you can’t file a proper application. If you can’t file properly, you can’t secure a patent. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

7 " If you’re not filing patents, but your competitors are, all you have is risk. You’re taking a huge chance that no one else will enter your space and kick you out. That’s the benefit of patents; you don’t have to let everybody in. You can let just a few major players in because you want what they have, or you don’t want to worry about them. Remember, you’re not at the big boys’ lunch table. But if you partner with their competitor, they’ll be worried. Then they’ll want to see if your patent protection is strong or if they can exploit a weakness. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

8 " It’s better to have one huge filing with lots of detail, data, and use cases than a dozen failed filings of five to ten pages each. Minimum filing requirements are not minimum requirements to secure a patent. Who does your patent keep out, and how? Your goal in creating IP is for it to be valuable, to be connected to the company, to be linked to your products or service, and to keep out competitors. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

9 " If someone contacts you and asserts that you’re infringing on their patent, you’ll need a lawyer to shield you from the accusation that you are willfully infringing. Never, ever respond yourself. At the same time, you’re not left with whatever your lawyer tells you to do.

If you have patents of your own (which you should), disputes don’t have to come to litigation, damages, and bankruptcy. In my experience, the best way to settle IP infringement suits out of the courtroom is through cross-licensing—an agreement between all parties to give each other a license to use their patents. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

10 " Hiring is hard. Letting go is harder. It’s far easier to hire the right person from the start than to hire the wrong person, realize they’re a bad fit for your company, and then figure out how to let them go. When you know what you want in a new hire, the hard part gets easier. And when you know how to protect your IP, you don’t have to learn the hard lesson. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business

11 " It’s essential for patent applications. Showing the roads you traveled and the work you put into testing, experimentation, and trials to realize your final product is part of your narrative—your patent story. "

― JiNan George , The IP Miracle: How to Transform Ideas into Assets that Multiply Your Business