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J.K Rowling is an acclaimed author of the world-famous novel series Harry Potter. Rowling conceived the idea and worked for about 5 years on the first book of the series; the book was published, and the rest is history. It is estimated that she has earned over 1 billion dollars (about $3 per person in the US) from the publication of the books alone. This is not the single instance where a creator has created a masterpiece and has turned their life upside down.

If we look around us, we are surrounded by various things that are the offspring of mental labour. Creative industries have brought the storm in the market and every creator small scale or large has been indulging in content monetization and profit making. Intellectual property has helped the market in evolving more digitally thus promoting creative entrepreneurship.

Intellectual Property Rights and Commercialization Strategies

Likewise, every physical property you own has some value attached to it, intellectual assets have value of their own. You do need not to be an artist to be a creative person, you just need your imagination to incorporate into content creation. It is an evident fact that you will need a certain level of expertise in the skills you are carving. Then, only you will be an acclaimed creator with revenue streams.

Even when it comes to business and entrepreneurship, you need monetization strategies to establish your brand identity and reputation. But all these steps are not done in one go. It takes a lot of effort to convert your plans into action and gain profitability. The very first step is to safeguard and protect your intellectual assets by registering them under various IPRs, like patents, copyright, trademarks, trade secrets, geographical indications, and others.

Further, you need to highlight the uniqueness of your creative asset and recognize its market positioning to place it on the paramount from other similar business niches. Adding additional uniqueness will maintain your brand equity and value creation. Moreover, selling and buying these assets can be a lucrative source of revenue.

Licensing Agreements and Brand Management

Now, if your brand sustains the market and is accepted as a brand of equity and reasonability; it can attract other licensees and hence, you can make profits from the royalties offered by them. As you have ownership of the IP, you can sell them in the market and make money with the same. This whole process is termed as out-licensing. Intellectual Property Rights, like patents, copyright, and trademarks can be licensed.

Another aspect you can approach, if you want to neglect the entire process of making and selling the products; that is in-licencing. In this way, you can gain the license of your desired IP belonging to someone else’s brand and can turn it into a commercial venture.

Digital rights and Innovation management

Managing all these steps can be intermediating, as your innovative ideas always remain at the risk of getting manipulated or stolen. Sometimes, the stolen idea sustains more than the original idea and hence the protection of the idea should be your priority. There are several ways in which you can ensure the safety of your innovation. However, opting the registration under the IPRs like patents, copyrights, trademarks, and others is not an easy task. Here, comes MyIPR, an innovative technology made to protect your content.

Nowadays, we are surrounded by a tech-led environment with all kinds of digital interfaces budding from every corner of the world, it makes us think about our digital rights to safeguard our creative ideas. MyIPR lines up with the same and provides you with a user-friendly interface and a smooth certification process. This certificate acts as evidence for the acquisition of IPRs. Further blockchain technology makes MyIPR more reliable and robust for safeguarding your creative works.

Conclusion

Creative assets are not just your artistic reflection, but they can be your monetary foundation. You can sustain the ever-changing market by identifying your audience base, maintaining consistency, opting right IP strategies, and enhancing your brand value and name. Additionally, getting your IP licensed can further alleviate your monetary outcomes as well as market foundation.

Nonetheless, the remaining significant step is to ensure the protection of your creative ideas through IPRs. IPRs are intent to safeguard your creative endeavours from being plagiarised, stolen, mimicked, copied, or even misused. MyIPR shares the same goal with timestamping technology, it is a hassle-free application devoted to the protective process of the data.