WHAT IS INTELLECTUAL PROPERTY?
A trivial and certainly non-legal definition could be Marketing + Innovation = Intellectual Property. That answer probably didn’t answer your question but stay with this definition for the sake of the context I’m about to describe.
IP = The outcome of your mind mine
Picture your mind as a quarry (a gold mine site), and you began to explore the site for precious metal. You dig deep through muds, water, rocks, and landfill. Naturally, before going to dig for gold, you know what it looks like therefore you know what you are looking for (trying to manage and commercialise acquired IP or not knowing the nature of your business original IP could be a waste of effort). In reality, some people are not aware of the original identity of gold, diamond or any precious metal for that matter, with this fact, it is safe to assume most businesses are not aware of the raw form of their intellectual property asset. One can easily step on a rough looking gold and mistake it for an ordinary rock likewise you may have a eureka moment that could lead you to ownership of a precious IP asset but easily disregarded or discouraged by reducing it to a regular thought.
The good thing about IP is that the raw material (ideas) is abundant, unlike gold. Therefore, every individual have unlimited gold mine! Happy days!!!
Intellectual property essentially is the mining of the mind. A person will mine their mind for a creative solution. Now at this point in time, the result of the "eureka moment" is not yet a full-blown IP but already can be classed as an intellectual asset because once you expose an idea to the market, it becomes a commodity of some sort. However, there are so many variables in the market that are going to influence the outcome of this intellectual asset.
Intellectual property is the area through which the law seeks to motivate and regulate the common use of the intellectual property asset. If you can protect this asset within one of the frameworks of intellectual property law you’ve got yourself a commercially viable IP. Therefore, you need to go through a process where you convert your extractions from the mine site (your mind) into a tangible IP just the way you would transform a raw gold. You will clean it, refine it, and shape it into an object and only then does it become something of value and highly desirable to the naked eyes.
Finally, intellectual property does not become commercially viable without value and influence. Gold became so precious to humans because we’ve attached value to it; so you have to add value and influence to your intellectual asset. Learn how to create, capture and commercialise your intellectual assets