Inventing as a Service | Creating Intangible Assets
distrupting all the way....
Introducing the first of its kind 'Inventing-as-a-Service (IaaS)' and to answer the question of how it can help corporations to create intangible assets. And yes, we do not use ChatGPT or any of its clone! Inventing-as-a-Service and Invention-as-a-Services is one of its kinds of service that will help you to invent - the invention will come from us. In other words we will invent for you after you have given us a rough idea of what problem you want to solve? We will help you in creating mechanical/physical/software entities that is suited to the marketplace. We will do the rest including doing an analysis of the intellectual property landscape and where and how to fit into the market - which will give your competitor a run on his money. It is also to help corporate bodies to get ahead of the crowd into the greenfield portfolio where competition is less of a problem which will mean a better selling price for your products.
Create more patents – the intellectual property way of increasing your intangible assets and by reasoning also increases your net worth. But why?
One way to increase your company's net worth is to buy assets. Buying property, shares and gaining efficiencies in production via better technology comes to mind. These are the easy things to do and most entrepreneurs know about it. Unfortunately, the act of buying assets is only in the mind of an entrepreneur when they have achieved a measure of success and feel comfortable about it. Unfortunately to say, most new entrepreneurs would fall into the bracket of 'still struggling class' as business is not an easy thing to do because there is this thing called competition. The reason why most business entities face competition is that they are involved in the same type of business as their neighbours. In order to outbid their competitor, the usual method is to cut the price and in so doing, you will find the other guy also do cutting and it goes on and on with one of them giving up on the business when they no longer can sustain their offering.
Intangible Asset Strategy – make hay while the sun shines
Managers all over the world are aware of the value of intangible assets and they have been told to get as much of it as possible so that they can profile their company in the positive, never mind that they are not doing that well in their business. In this fast moving world, the way investors look at the worth of the company is to see how much of intangible assets it has rather than the old world school of thoughts of targeting at their tangible assets. All you have to look at is Coca-Cola which has a net worth of USD 230 Billion – and you can’t touch it! In today’s economy, especially with technology companies, “intangible” assets have become the key driver of a company’s value – the more the merrier. Intangible assets such as software, data, brand, patents and so on, which now make up a bulk of enterprise asset value. The below chart shows what the S&P is made of.
Just how do you create intangible assets?
Companies are told to shore up their intangible assets but how do you go get them? We at Patentagentip will show you the way to create your intangible assets. Patentagentip helps company and individuals to create and acquire intellectual properties like patents and software. All you have to do is just give an inkling of what you want your patent to be – without you giving any inputs. The Patentagentip team will then do an analytics of the kind of patent that you want and proceeds to create one for you – that simple!
In order not to compete with your good neighbour, you will have to take a different course. What we mean by a different course? But we are stuck with the present setup! Unknown to most entrepreneurs, there is a way out of the rut. It is called 'building up your assets – the intangible kind' and though it is not the norm to do, there is a way to do it, furthermore, it does not take a lot of money or do you need to know about rocket science. Let us introduce you to our way through 'Up Net Worth' strategy. It is now possible to splurge on asset building by finding ways to create a patent for your product or service. Of course it seems tough because you don’t see everybody going about creating their own patents. Patents come from ideas and although getting ideas seem to be the easy part but the process of making it work is another thing altogether. In short, it is tough otherwise you will see everyone getting one.
There are several reasons why you should up your intellectual property portfolio. However there are two main reasons why people spend money and time going about filing intellectual property rights in the form of patents. One of the important reasons is that ideas must be protected from someone else copying. Whilst it is good to patent an idea and make it work, not many of us do have a good idea that needs protecting. If we were to look from another aspect, say from the accountant's aspect, then it becomes clear that the more of these intangible assets that we have, the better for it would then reflect that we do have assets that need valuation. It does not matter to the accountant as to whether they find value in the patent, it is more like the more property that you hold, the better it is when we come to putting a value on them even though they are not sold. So if you are at the point of selling off the company or going the route of getting your company listed, it is always a good idea to file for intellectual property rights as they would come in useful later on. Unfortunately creating intellectual properties is not like going out there and looking for a property to buy. People don't think of 'intellectual property' but they are often obsessed by owning landed property as they can see it. But people especially those who own a business should look into the intangibles which can give them a security in these times of market uncertainties brought about by the escalating pandemic. The other thing is there is always someone watching over you - of your weaknesses or where they can break you up!
What is the value of intellectual property?
Depending on who you ask, it is often difficult to put a value to them. As some intellectual property are considered capital assets and may be recorded on a balance sheet as intangible assets. In most probability, intellectual property’s value lies with the withholder. People do often have differing values of intangible assets as they are often not talk about but if you were to ask Coca-Cola what is the value of their trademark, you will be given a ten figure value. Patents are worth a king’s ransom to some and trademarks are difficult to be valued. But whatever it is there should be no holds bar to go out there and get as many of them as possible, with whatever means you can for there is no telling how it is going to help in our meta world and everything accorded as non-fungible tokens (NFTs).
You would have been aware that the best earning lawyers are those who go to court to fight infringement cases - whether it is a trumped up or a real infringment case. Big companies (or even trolls) will come pouncing on you through the legal way like suing you for infringement and the like. That is why big corporations are spending big bucks to shore up their intellectual property portfolios not because they do not have enough of them but because just in case someone come pulling you to the court – spending money on research and development is far cheaper than paying for going to court to defend your domain as most lawyers will tell you! It is no surprise that global corporates are heavily investing in their patent portfolios even though they do not have the funds to further develop them. Then again if you have an excess of patents (some of them might not be useful for the present moment) you could monetized it by selling them off – you could also develop another version (advance) of it for yourself. We foresee a time when corporates are not only depending on selling their products or services but also rely on future proving of their survival in these times of extreme competitions. Managing an intellectual property portfolio is the new game – something that is not taught in management schools. That is where small companies and start-ups must take up shoring up their intellectual property portfolios as they can almost smell competitor or adversaries within half a mile away – what more when 5G will bring you to meet your metaverse competitor with just a click away. Still, it is at an early stage where investors took to it seriously to view your intellectual property when they are assessing your future worth but with everybody competing on almost the same products and services, the time to come when you need to out shine your competitor is nearer than you think.
Do patents affect valuation of IPO's?
According to a study, patent citations in some way have an effect on the valuation of IPO's – this is especially true of software companies who rely very much on the software that they created. Research conducted in recent years on the correlation between the intellectual property (patents and copyrights) and stock prices have attributed to the rise in stock prices to the innovation that sets them apart from companies running on similar technologies. Also taken into consideration is the way or propensity of patent filings – valuable companies often can create new values many a time. But there are also companies that do not have any intellectual property to speak of except for the brand that they have been using – however they will face with big troubles when someone come knocking at their doors to pull them to court for infringements. Often enough the management of these companies run helter skelter when they are demanded to cease and desist due to infringement issues – infringements may be real or framed up. Often enough, smart companies do go on a marketing blitz to shore up their valuation when they managed to file for new patents – useful patents that can boost their survival rates. Patents become very important when someone wants to acquire your company and when you have many in your pockets, then acquisitions or mergers become less of a hassle for you could easily speak of a higher valuation – especially for the acquiring party that does not have those technologies that can give them a thumbs up.
Although it is often not stated that you will need to have a patent before you can obtain a grant, it is often taken as a necessity to have filed for a patent to go with your application. This is a sign that you are bankable as you will have your intellectual property (patent or copyright) to fall on if something goes south. Intellectual properties are considered intangible assets and when you have one or already filed for it at your local authority it thus is able to show that your offer is unique and your business plan is protected from being copied – makes you stand out from the crowd. It would be better still if you have filed for it internationally for it will show that you are capable of striving in the international markets – in these days of global marketing, it shows that you are not just selling Coca-Cola! It adds to your net worth and it also attracts investors or buyers. Having filed an intellectual property (patent/copyright) will also show that a start-up company will have affordable competition – important point as a start-up usually must survive the first two years. It all points to the inherent value of intellectual property (IP) and indeed every company must strive to at least filed for an IP. If you can't come up with an IP, then go a get a consultant (IP) who would probably able to cook out (easier said than done tough) one for you.
We often find company falling into the mediocre class as it is not easy to make it outstanding, even more so if yours is a new company or start-up. New companies have many corners to focus on as they go out to offer their products or services – and it is in the most important sector they fail to pay their attention. So how do you brand yourself as all important? Or how do you put your company to the radar path of the public. One way to make head turns is to have a patent – either service or products. Unfortunately there are many start-ups who have a unique proposition but have failed to brand it because you will need a good sense of how to best market it – and remember to highlight it in a press revue to let the public knows about it. In this world of very fast media coverage, you will need to pay special attention to marketing – without a good marketing exercise you will be left to dusk. And if you have a patent you must fully exploit it not only on the technology part of it but also you need to shout it out so that people will notice it and get to know more about the brand. Often enough we are classed as mediocre not because we cannot perform but because we have failed to pay attention to how to market it – which is good if you have in your team somebody who has marketing experience. Then again there is such a thing as simple invention (or useless invention) so you will need to be courageous (thick skin) to make it great – possible to brand it as a life saver!
But how do you create your patent? You might want to know how we do the inventing through our Invention-as-a-Service platform.
Right, first of all we are inventors. We are good at turning ideas into intellectual properties and we have help may small scale enterprises to obtain patent grants from ideas that was provided from us. Sometime though, ideas come from our clients, not the whole idea but part of it and most of the time the idea come from our team of inventors. Whichever way, we want you to know that getting a patent for you is not an impossible job rather it is doable. But you must be agreeable and commit to the process of upping your net worth via intellectual property creation. And to make it palatable it will not cost you the earth! We have been doing this upping of net worth thing for many entrepreneurs as they find it worthwhile to pursue the path as it will go a long way in trying to increase their company’s net worth (intangible assets) so that they can sell off their company at a good price or in their journey to get their company listed through higher valuation. Company going listing do take note as this is one of the best options as not many people know about it. And to make it more palatable, you do not need to come up with the idea. We will do it for you. But if you think you have an idea, then by all means shoot it to us. Ideas need to evolve to make it work.
Your ideas can come in the form of a hard ware or a software thing and should be in the form of what problem are you going to solve? How do we come up with the idea you might ask? Well, assuming that you have a vague idea (that is synergistic to your business) of what you want, then you will have to let us know. We will then do a patent analysis and form a landscape of the practise art. We will then use a big data program to cut down all those information that to our thinking is not relevant. We will further recourse it with an artificial intelligence module to learn about what is known and not known in the public domain. Then and only then our team will do a brainstorming session, either by themselves or together with people with knowledge about the particular art. This process will take some time as a lot of information will need to go through. Then we will decide on a proposition and will let you know about.
Whether we proceed with the idea will depend on you and after we inform you about the cost. After all the data shifting, we will do a further analysis about the business part of it. You see it is of no use to you if the idea has no business proposition. On our part we will do a further analysis to see what others are doing. What is of our concern is will there be people running towards us who want to buy our product - same with software. We have to be at least seventy per cent sure that there is a market for our proposed business before we contact you for your opinion. We will not further evolve the product until you agree with us. If you decide not to pursue, then we can only hope somebody does. Please be informed that this is the only program in the world – yes a program to ideate a product (or a service) for you to increase your company’s assets holding. You might not want to go and produce it as it would take a lot of money to make it to market. So instead you can go and license it out to people who are in a position to produce it. See the light of how Inventing-as-a-Service (IaaS) can help you out in the light of the pandemic? Besides obtaining a patent, we can also place you into our IPTokenize Blockchain Getbought so that people who see value in your company can go and purchase a part (tokenized into smaller share) of your intellectual property - this is a new platform for those who wish to monetise their properties without doing anything! Get in touch with us soon.
Then again there might be a time whilst you are ideating, you get stuck somewhere. In such a scenario, you will be better off getting someone else to give you inputs that you have not thought off. Strange as it might seem, our mind often get into a frozen situation when confronted with a problem that we urgently want fixing - ideation is normally a one track mind thing. In such a situation, it is good to get in touch with others to figure a way out - we would like to be that other guy to help you figure a way out. It is just like a bout of fresh air thing blown into your stale environment - not possible when you are stubborn enough to be stuck in a chasm.
If you go with our invention-as-a-service, you will inevitably save on cost of structuring a R & D department. As R & D unit goes, there will be a need for a huge budget to sustain. Prototyping and researching takes another chunk of budget that you can ill afford. Therefore, the smarter way is to entrust all your innovation work to another entity that is more suited to do product development, for a price that you only need to pay once. There are many companies that went to shut down their R & D department after they found it is not worthwhile to maintain. Outsourcing product development can help you focus on what you do best – the cost that you save going outsourcing will help to better power your marketing campaigns.
Furthermore, you don't normally expect anyone to take up product development – most of them did not ask for the job because it is a specialisation kind of thing. You also cannot pluck an engineer from the other departments to realm a R & D department because they will ask for increase pay which you might not be ready for as you will need to see performance. There are many R & D departments run by a few technical guys who would probably sit on their jobs without giving their best – which will make the working environment feeling tense because there is this thing called sitting on the job. That is why you don’t see government departments running an R & D outfit for the simple reason that it is a specialised job and you don’t see anyone being recruited for that purpose. Even government's analytic jobs are outsourced on many occasions – it needs expensive specialised resources.
Looking from another angle, creating a patent through "invention-as-a-service" is like going to your tailor and asking him (or her) to make you a suit that fits you from all angles. Indeed that is the way how you go about buying yourself a patent. You could by all fronts to go and buy yourself a suitable patent - in most probability to protect your business. However, you will need to take a long time to come across a suitable patent. So in more likelihood you will not come across a patent that completely suits your need - perhaps one that is able to protect you some way. We will like to call it your "customized patents" to be exact. Yes, we are now into the next paradigm where we go to the right person to create the patent that best suits your demand - and not just ask anyone to create, most of all your own staffs.
How to spark innovations?
The 3 points of innovation - this is how inventors work:
1. Build a map of innovations – it will give you an idea of how innovations progresses. It is like before you go to war – you have to have a map showing you where your enemies are. You will also have to understand the terrain, where your weak points are and where you have the upper advantage. The next stage is to plot where you would make your move, if even possible. In the same vein you will then have to envision what possible innovations will come about – you will have to take time to think about it. Then on a surprising morning, you will have your spark – the spark of possibility.
2. When you have the spark, you will need to explode the spark – like making the idea into another dimension. Build up your spark like trying to fit it into reality or visioning it to work in every which way – the more the merrier as like a nuclear reaction. Don’t hold back upon your ideas, let it fly and very soon you will realised that you have an animal that could not be tamed. And so be it for that is innovation because there was none of it before – as you know it. But it is not only having the spark but you will have to throw in imagination and vision. On top of that you will have to vision it to work, drawing moving images in your mind to show how it will work - in this respect you would not be better off engaging a graphic artist to help you animate the workings.
3. The final stage is to rub it down – sort of bringing it into reality as not all things are possible given that it must also answer to the law of physics. But if you are into something that is not tangible, like a new way to sell, then let it just multiply and lo and behold you will have another animal – something that you are sure nobody had before. That is innovation – the wild type that needs to be tamed down to make it usable.
But can we ask ChatGPT to innovate?
Certainly not. What they do with ChatGPT is to gather a large amount of information:that means information that is already availble. But when it comes to innovation or invention, we are talking about ideas that are not yet thought of, that is NEW and Novel which is what ChatGPT or any other GPT cannot deliver. So in short, what Inventing-as-a-Service can bring to you is a novel idea that is not available any where else and you should take advantage of it before the other guys come flooding in. However there will be a future iteration called "InventNonGPT" which is also similar to Chatalmostanything but with a difference in that it will be assisted by human thinking on especially those that are of the creative kind.
What is intellectual property worth?
You may have a patent or may be a trademark and you will often wonder how much their worth is. It is definitely not a subject everyone knows – there is a reason for it. There is no definite way to calculate their worth, and you will not learn it from your university. Calculations are normally done by market experts who know what sells – some accountants also help out by giving their guess. As we are hearing more and more of those court cases where people sue each other because of infringements, and the many court decisions on the amount of compensation, it thus give us an inkling of the worth of intellectual properties. Some accountants have managed to put a figure as they come to the conclusion that intangible assets can represent more than 80% of the value in a firm’s balance sheet – the intellectual property in the United States is now worth over $6 trillion in gross domestic product – this according to the U.S. Department of Commerce. And it is growing fast because everything is turning digital – which make it difficult to put a figure to it. Well, at the end of the day it is the buyer who determines what is its. And do you think you would want to play this game, I mean if you are the seller?
One way of monetizing your patent is to allow it to be tokenized. You may want to know more about this new scheme tokenization
There is now a serious problem with patent trolls and because of it, two Congressmen had recently introduced a bill that would create a special type of intellectual property (specifically patent) called "Inventor-Owned-Patent." This is to tackle the incessant attacks from patent trolls on small start-up companies who do not have the means to battle themselves out of the court. One of the special privilege of the inventor patent thing is to allow the inventor to counter sue the patent trolls who are not inventors, thus putting the patent trolls having to change their business model. It is in this aspect that the inventing-as-a-service can help you to be inventors instead of you buying off patents from the crowd. Patent trolls will have to take note as the climate changes - change is a constant!
Inventing-as-a-Service (IaaS) is especially designed for the small player to rub shoulder with the bigger guys. It is affordable and technology booster for the average entrepreneur. Give us a call.