“What is the most resilient parasite?Bacteria? A virus? An intestinal worm? An idea. Resilient. . . highly contagious. Once an idea has taken hold of the brain it’s almost impossible to eradicate. An idea that is fully formed — fully understood — that sticks; right in there somewhere”
- Leonardo DiCaprio in Inception (2010)
Ideas pop up in our brains every day and some have a wonder to them that can set a series of far-reaching success. And can change EVERYTHING. That's why you have to turn your ideas real. It is easy to assume that you need extreme preparation and connections to make it work, but sometimes you just have to take the first step and that could be wildly exhilarating!
As you are manifesting your ideas in to reality and monetising them, you got to protect yourself from cancerous thieves ready to kick you in the balls. Because an idea is not enough. This brings me to the concept of intellectual property. An intellectual property in its purest form is an idea. Through patents, trademarks, copyrights and trade secrets we protect our ideas.
Patents: Securing Your Invention
A patent is a grant that gives an inventor a temporary monopoly on the use and development of an invention. Companies like Apple, Google, and Microsoft thrive not just on their physical products but on the innovative ideas that propel their development, which are often protected by patents. Bill Gates, for example, built an empire by creating patents on software, becoming one of the richest people in the world. The goal of a patent is to allow you to make money from your invention—whether through licensing, selling it, or building your own company—before it becomes public domain.
Trademarks: Protecting Your Brand
A trademark gives you the exclusive right to use a word, logo, or phrase in a particular country and industry. It protects your brand identity. A famous example is the 2017 legal battle between Kylie Minogue and Kylie Jenner. Minogue successfully prevented Jenner from trademarking their shared first name “Kylie” for her new beauty brand. Had Jenner been successful, no one else could have used that brand identity without facing a legal battle for infringement.
Copyrights: Safeguarding Creative Works
Copyrights are meant to protect creative works such as books, movies, music, and characters. Unlike trademarks, copyrights don't have to be registered to exist. If you listen to a hit song that samples another track, the original copyright holders—the songwriters and producers of the sampled song—are entitled to a big portion of the revenue. This compensation is typically referred to as a royalty.
Trade Secrets: Keeping It Confidential
Some companies use a trade secret to protect their intellectual assets, such as a recipe, manufacturing process, or technology. These are meant to be kept strictly confidential. The formulas for the Starbucks Frappuccino, KFC, and Krispy Kreme are all considered trade secrets. They remain undisclosed and outside the public domain, ensuring competitors can't gain access to the formula. If someone happens to leak a trade secret, you can sue them for misappropriation, provided a non-disclosure agreement was signed beforehand.
A Final Word on Contracts
In an age where ideas are the real currency, it's crucial to protect them. Remember the poignant rift between Sylvester Stallone and Irwin Winkler over the Rocky franchise. Stallone had ignorantly and naively sold the rights to the film when he was a struggling actor and had no idea how massive it would become. Before signing any agreement or contract, thoroughly read and red-line it. Don’t sign away your life, your image, and your rights without fully understanding what you’re giving up.
Do you think creators are doing enough to protect their intellectual property, or is more education needed? Share your thoughts below!
