From trademarks, copyright, design patents, utility patents, trade secrets, and geographical indications there are many ways to monetize intellectual property. 

Intellectual property is an idea put into a tangible format. Think about music, art, a logo, slogan, even your favorite invention, what’s the one thing they have in common? They were all put into a format you can interact with and therefore created intellectual property. 

To go from idea to execution you need to have a safe and holistic strategy. A simple strategy I teach is to protect, optimize then monetize what you create. This means you are protecting the systems attached to the product or service you created.

Protection means registration of the intellectual property associated with the item. This could be trademark, copyright and patent registration, or contracts for your trade secrets.

Optimization positions the protected IP to earn revenue. Through savvy negotiations and product placement your passive income from your IP is limitless. 

Monetization is easily the most enjoyable aspect of the process. Some examples of monetization would be; licensing for royalties, direct sales or even ads or a combination of all three. 

Let’s look at some ideas for monetizing intellectual property: royalties from licensing agreements, digital products (eBooks/video courses), physical products (t-shirts/posters), and advertising revenue online or offline.

Once you understand the importance of implementing an intellectual property strategy for your next project you can consistently earn multiple streams of passive income streams.

Check out my Creator’s Toolkit where I show you how to create your own strategy with an eBook, workbook, and video presentation. 

World Intellectual Property Day is an annual event that aims to raise awareness of the importance of intellectual property across the globe.

This year’s theme, IP and Youth: Innovating for a Better Future, looks at how young innovators are using their imaginations and skills to develop a smarter and more inclusive planet.

What is Intellectual Property?

Intellectual property (IP) is a creation of the mind that is put into a tangible format. These creations of the mind can take various formats such as copyright, trademarks, patents, design rights, and trade secrets to name a few. 

World Intellectual Property Day is celebrated by all member countries of the World Intellectual Property Organization (WIPO) on 26 April every year.

Each year on World Intellectual Property Day, WIPO selects a theme for events to commemorate the date and to promote awareness about intellectual property and its role in encouraging innovation and creativity.

The aim of the day is to increase the general understanding of intellectual property rights and to celebrate creativity, bringing together creators from different fields such as music, literature, fashion, and design.

Why Intellectual Property Rights matters?

Around 60 percent of businesses surveyed in 2019 identified product imitation as one of their biggest threats.

Having strong protection over their intellectual property rights can help companies limit counterfeiting and piracy, making it safer for consumers when buying products online or through third-party sellers. 

This can also help stimulate economic growth around the world.  

This was our second year on this station drawing awareness of this annual event. The theme of this year’s World Intellectual Property Day festivity is IP and Youth: Innovating For A Better Future. 

We support the celebration of World IP Day because we believe it helps to raise awareness about why intellectual property matters, to entrepreneurs, creatives, and innovators.

This initiative looks at how young people can help shape a better future as creators, innovators, and entrepreneurs by leveraging the connections between intellectual property and youth culture.

You can listen to our full interview by clicking the image below and learning more about how you can get involved in the full range of free activities we have scheduled. 

A domain name is an address where Internet users can access your website. A domain name is used for finding and identifying computers on the Internet. It is often perceived that ownership of a domain name is only necessary when you intend to venture into e-commerce.This thought could not be further from the truth as ownership of a domain name is the most overlooked digital asset in building your intellectual property assets.

In some instances, many brick and mortar businesses that have flourished into franchise corporations have existed decades before owning their domain name. However, as e-commerce becomes a more convenient way to conduct business, ownership of your domain name is essential to secure the intellectual property assets that you are building offline.

Creating intellectual property rights through branding with your logos and slogans is a great way for your customers to find your business. Your logos and slogans are your trademarks which often include a string of words to help potential customers identify you on the internet. Obtaining a domain name will often contain a combination of these words that are unique to your brand.

Customers searching for specific goods, products or services use the internet from social media to google searches to find items that match their needs. While trademark registration is a forceful intellectual property right to protect a brand, the simple task of owning your domain name will initiate the process of creating digital assets attached to your brand.

Domain names which include the words used to identify your brand will build your brand’s intellectual property portfolio. As you develop and expand your brand into other areas of business including customized domain name extensions such as: .fashion .beauty .associates .boutique for example in your domain name will make it easier for your potential customers to locate you.

Registering your domain name should also be considered a defensive move for any business with a significant online presence even if you are not quite ready to begin e-commerce operations. Over the years the commercial activity of buying and selling of domain names has become a profitable business for many. Failing to register your domain name associated with your business or creative operation can result in it being registered by someone else. Always aim to secure all aspects of your intellectual property rights as your business continues to grow.

Personal Brand Reputation

Creating a trustworthy and successful brand always contains some key ingredients: reliability, proven results and quality are a few of the staples necessary to achieve this feat. Fortunately, the idea which turned into an entertainment brand had all these factors combined with the stellar personal brand each founder brought to the concept. With superstar producers spearheading the idea their personal brand’s reputation brought credibility to the initiative.

Product Quality

Selecting artiste such as Babyface, Neyo, John Legend, Kirk Franklin and Jill Scott to name a few was a genius move as it ensured the brand’s quality would be built using entertainment of a certain caliber. The artistes selected have all attained enormous success in their respective careers, and their catalog of music spans decades. By bringing these artistes to the Verzuz platform it guaranteed viewership by tapping into their respective fan bases. The presence of these artiste drew the interest of sponsors resulting in Ciroc owned by P Diddy becoming the official drink of the event.

Understanding the Consumer Market

Verzuz IG platform initially required each artiste to “go live” on their respective IG accounts. This simple but genius business move was accessible for both artiste and fans to enter. Swizz Beatz and Timbaland paid attention to the way audiences are consuming content during quarantine.

Social distancing restrictions resulted in cancelled concerts and other entertainment events. These cancellations left a gap in the entertainment market that needed to be filled. Verzuz TV provided the answer by bringing the concert to audiences’ living rooms. Through real-time interactions and reactions viewers were able to engage in the comment section of each battle keeping the essence of the concert atmosphere.

Versatility

Music is a universal language therefore showcasing music outside of the urban American market of hip hop and r&b would undoubtedly garner fans from other genres of music. This was clearly evident when the Verzuz TV battle series entered the dancehall arena. The battle between legends Bounty Killa and Beenie Man generated the most views for the platform and has been labelled by fans as the most electrifying performances.

Tapping into the Caribbean market brought lovers of that genre of music to the event and increased brand awareness. It also produced a cross pollination of fans by exposing unfamiliar Verzuz TV fans to dancehall music.

Intellectual Property (IP) Intelligence

As the concert series continued to enjoy success, all subsequent battles were hosted on the Verzuz TV IG account created to drive viewership to the series. This was an intelligent IP business move by the series creators as they began securing the brand’s IP assets.

The Verzuz TV brand owns the www.verzuztv.com  domain name, although to date the landing page does not have significant content. In a bid to further protect all the brand’s IP assets a trademark application is pending for both Verzuz and Verzuz TV. The application filed with the United States Trademark and Patent Office (USPTO) indicates the applicant has sought registration for the brand in the classes of entertainment services, beverages, apparel and jewelry to name a few.

By applying for a registered trademark for Verzuz and Verzuz TV the creators have positioned themselves to take the brand to unlimited markets through mechanizing and are seeking to protect the brand from infringement

Proven Results

The best way to determine the success of a brand is by examining their track record for delivering results. Verzuz TV has not only emerged the entertainment quarantine saviour for people seeking entertainment, it has been financially beneficial for several artiste showcased during the series.

According to a Bet article: “Nielsen Music and MRC released its mid-year report for the first half of 2020 that showed that Verzuz has been a significant boon to artists’ music streams.

The article also noted: “Erykah Badu and Jill Scott saw the most substantial jump after their sole female-fronted battle in May, with a 217 percent increase in their streaming numbers. In close second right behind them was Beenie Man and Bounty Killer’s Labor Day affair, who led to a 216 percent increase for their music catalog. Teddy Riley and Babyface were third with a 90 percent increase. Lastly, Ludacris and Nelly’s battle on May 16 raised their streaming numbers by a combined 30 percent.”

The Verzuz TV blueprint on how they achieved their success is a business lessons many entertainment brands should carefully observe.

Although, I knew the day would come when I would make the United States my home it was something of an internal battle because of my love for my country. I am a quintessential Island Girl; the warmth of the sun invigorates me and the rumbling sound of the waves tumbling onto the shore pacifies my soul. Therefore, leaving my calm tropical haven brought immeasurable internal conflict.

However, the desire for my daughter to be near family resolved my decision.  I wanted her to enjoy the childhood I was privy to, one that was filled with cousin’s laughter, Aunties’ stern warnings and an abundance of family gatherings.

With that notion in my mind, I knew it was only a matter of time before I followed the journey my Dad, brother, Aunties, Uncles and cousins had all made and leave my paradise. I took solace in the thought that I would retire to my heaven on earth one day and departure would never be forever.

I claim to be the quintessential Island Girl, but one thing has always haunted me, and that was my inability to swim. I love the ocean and while I could be found on Maracas Beach as often as time permitted or I would lay out on Store Bay salivating over a crab and dumpling I never ventured into the deep.

The serenity of the ocean is indescribable and the therapy it provides to the mind, body and soul is invaluable. This year I committed myself to conquering my fear and prepared my mind to one day swim beyond the shore. I still marvel at the fact it took me moving to finally muster the courage to attempt this feat, but I began learning to swim.

Embodied in this journey I started less than a year ago is my passion for the arts and creativity. Truthfully speaking the law will always be the jealous mistress, shadowing on the outside of my heart which is captured by my love for drawing, writing and creating beautiful DIY objects.

This does not take away from my career passion, instead I have channeled these emotions into helping my fellow creators and business owners who invest blood, sweat and sometimes tears building their own dreams. With this thought embedded in my mind I always think of ways to empower the creative sector within my country and the Caribbean diaspora. It is this drive and vision that birthed the brand CC Licensed.

My motto before graduating from law school was to always help other creatives know that their natural skills and talents have an economic value. I was directed to my profession because my Father grew up in an era where law meant stability, and the art was viewed as an uncertain form of financial sustenance.

I am happy to see the development the digital age has brought and the demand for creative content providers. This shift in mentality has fueled my determination to encourage and inspire others to believe that they can always CREATE and CONQUER.

Follow my journey to swim beyond the shoreline and let me teach you how to be CC Licensed.

You see, my passion and current pay cheque was not a destination I arrived at willingly. Yes! I loved legal television shows; the dramatic appeal of the court room always caught my eyes. As an 80’s baby, LA. Law was my definition of what I expected the legal profession to be; swanky suits, a jury, and people arguing till the end. What was there not to love?

Nevertheless, creativity always ran through my veins. I drew, sketched and wrote poems. Creative writing was my favourite subject because I have a vivid imagination. For me, my destination was already predetermined in my mind. I would be an artist. Sounds simple enough, Right!

“Do you intend to be a struggling artist? That career would not make you any money.” were the sobering words I heard from my father. I distinctly remember it as if it were yesterday when he brought a family friend who was an artist to the house to speak with me about pursuing art as a career.
I believed this was the moment my artist spirit died a little, as I recalled the gentleman asking me to bring my sketches for him to review. I was eager to show my work to a fellow artist and I quickly retrieved my sketch pad beaming with excitement. He reviewed my work and complimented my natural talent…. then that life altering moment happened.

My heart broke as I listened to my father’s friend relay his struggles and disappointments as an artist. I was 15 at the time listening to a grown man tell me how my passion, had failed him, left him jaded and subjected to a regular 9 – 5 job to make a living.

After that conversation my father concluded that spending money on the tools, I needed to pursue art was not the best financial decision. With the artist rug now pulled from under me, all I had left that made me truly happy was literature, it was where I could lose myself in fantasy and a world of mystery. I concluded at this point that I would someday write; I was good at it, after all. I always had a way with words, and the ability to combine them to engross the reader into my experience.

In my mind I believed I had a fool proof plan to my alternative career. My mind was settled and a field in communications would be my destination. This plan came to a screeching halt before it even took flight. My father was reluctant to send me off to Jamaica to pursue Mass Communications. Finances mixed with fear was the foundation for his decision. He said to me, “Akilah find something else to study.” There I was yet again trying to find a plan B where I had only conceived a plan A.

I settled on doing a law degree. My mind flashed back to the court room antics of LA Law and the actors’ theatrics. I decided to settle for this as my career and diverted to another destination. However, being the stubborn unconventional person, I am, I succeeded in partially making my dream a reality and I became a journalist. The way I accomplished it; I would certainly leave for another article.

Journalism was the best days of my life. Writing fulfilled me, I enjoyed relaying people’s stories. I especially enjoyed entertainment writing. Those articles were the ones I savoured the most as I saw myself in the eyes of the creatives I wrote about. Every time I relayed their stories each word was well crafted and intentional. In my mind, this was my way of being part of their journey and helping another creative to be successful.

I was a journalist full-time and a law student full-time. I juggled the demands of being a student and working by applying the work ethic of a solider to fulfill my mission. Upon entering law school, I tried desperately to continue writing. It was the only ounce of connection I had to creativity.

I found law school to be challenging, not because of the work but because of the rigidity it brought into my life. I saw the world in colour and the law operated in three colours black and white with a sprinkle of grey in between.

Midway through my first year of law school I told my parents I was not going back. I hated it! I felt as if the law was a jealous mistress trying to overtake my life by depriving me of my creative time, forcing me to choose between writing and law.

How was I here? Yet AGAIN! Sigh. I gave up writing. But I made a vow to myself that if I was going to give this lawyering thing a real chance, I would do something that made me happy. Ah Ha! I would become an Entertainment Attorney.

I recalled telling my classmates that I would practice entertainment law. I saw the quizzical look on their faces as they asked me if that was a real area of practice. Honestly, when I decided that was what I would do, I didn’t even know if it was a developed area of practice. However, I was determined not to have another part of me ripped away.

So…. here I am. I encountered many bumps along the road to get to this point of my career path. But I eventually found a way to turn my passion into a pay cheque. I found a way to help others CREATE & CONQUER.

Karen recounted that she and Stacy were at her apartment one month earlier discussing the idea over a bottle of wine. The app would allow the client to summarize the event they wished to attend, style of dress required and hairstyle desired. A virtual image would be constructed for the client’s approval and a team subsequently dispatched to the client’s home to execute the service.

Karen had successfully completed cosmetology school 5 years ago, since then she had the fabulous idea to create an app that would connect all services. Stacy was Karen’s best friend, they shared everything together since they were in kindergarten. Therefore, it was a “no-brainer” Stacy would be the person Karen confided in about her business plan.

Karen cried uncontrollably as she buried her face in her soaked handkerchief. I managed to decipher through her intermittent sobs that Stacy created the app and launched it without Karen’s knowledge. The app was called CARE which was not the name Karen envisioned but its capabilities and functions were identical.

CARE was swiftly becoming a household name. Karen discovered the app through a mutual friend who was raving to her about the service and told her Stacy was the genius behind the initiative. Karen, who had now regained her composure said she was devastated by the discovery and wanted to sue Stacy for stealing her idea.

Although Karen’s story is fictitious, I have heard many similar scenarios. In the creative industry everything is birthed by an idea. However, only the execution of that idea gives intellectual property rights to the creator.
I always empathize when the person who conceived the idea does not manifest it and has the misfortune of watching someone else bring their concept to fruition.

Therefore, to safeguard yourself against these dangers, here are some things that you can do when conceptualizing your idea:

1. Put your thoughts into writing —Writing your idea manifests it into a literal work which creates copyright.
2. Audio recordings can also be used as documentary evidence.
3. Where applicable, sketch.
4. Ensure points 1—3 are dated and time stamped.
5. Do not share the mechanics of your idea during the conceptual process.
6. Develop a prototype when you have completed the conceptual stage (this can be a rough draft).
7. Collect everything you documented and place it into a brown envelope (include your prototype — mail separately if necessary).
8. Keep your registered mail receipt.
9. Do not open the sealed envelope. This is to be stored away and only used with the registered mail receipt in the future if litigation arises.
10. Prepare a non-disclosure agreement or confidentiality agreement when you plan to show your work to third parties.

This list is by no means exhaustive and it may not fit neatly when every idea is born. However, the fundamental understanding that an idea without execution is unprotected, should always be noted.

Admittedly, the legal profession is entrenched in centuries of custom and tradition which underpins the foundation of its operation. Convention dictates many aspects of the legal profession from attire to court room protocol. In the face of such rigidity many false misconceptions have permeated the field.

One such misconception is that scheduling a meeting with your Attorney means entering a room in pristine condition adorned with leather chairs, classic white walls, sophisticated paintings and an executive desk that completes the elegant appeal of the room. That vision may have existed in 2000 however, in 2019 where the digital age allows you to have groceries delivered to your doorstep with one click, the legal profession can evolve to match technology.

Relinquishing stereotypes is always a difficult task as perception is a hard concept to escape. My journey to becoming entirely virtual was a not something I easily embraced. Initially I was plagued with fear as I wondered if my clients would accept meeting with an Attorney virtually.

“If people want your services and you provide them with one option, they will meet with you,” were the words of wisdom uttered to me from my US based friend and mentor who operates a virtual law practice in Texas. I was confiding in her my reservations about my pending decision.

Skeptical but willing to take the leap, I packed up my law office that was costing me more than I was earning. I soon realized working from home was comfortable.  Litigation is not part of my practice therefore leaving to head to the court room was not a factor for me to consider.

I recalled my Law and Technology Professor telling our class that technology always moves faster than the law. He made the statement on the premise that the law was always behind when it came to legislating technology.

His words in relation to law and technology have always resonated with me as I help my creative clients in the digital age where social media reigns supreme and content can be copied in the blink of an eye. However, the legal profession can also use the advantages that comes with living in a digital era to make the law accessible to all.

It was with this goal in mind I decided to move from my physical office into the virtual world, and I totally enjoy the freedom and flexibility it provides. The internet is not just a recreational space to browse social media, google search or email friends and family.

Many would argue that the internet is the most important invention created within the last century. Whether, you believe this to be true, the internet has made it substantially easier to communicate with everyone. Therefore, with communication being a click away I moved from the concrete walls into a virtual space and created my virtual law firm.