How to Value Your IP Assets: Bolstering the Balance Sheet [Live Workshop]
The purpose of protecting your creative work with copyright, trademark, and contract, is so you can profit from it.
Once you start making money, your work attains value – a value that is separate from the revenue it generates.
Whether we consider your books, your art, your online courses, or your videos, your creative work regardless of form, can quickly become your primary business asset. Even if those assets are intangible.
That’s what intellectual property is – the intangible rights that come with creations of the mind. Specifically, the intangible rights of control and exclusivity. That’s where the value is.
The questions are:
- how do you put a value on the exclusivity and control you have over your creative work?
- why is valuation of your creative work necessary?
This is the topic of this month’s workshop in the Creative Law Center.
How to Value Your IP Assets and Rights
In this workshop, you will learn what is meant by assets, IP assets, value and IP valuation so you can apply these concepts to your creative business.
You will come to understand the essence of and the differences between the three most commonly used valuation methods.
Why You Should Understand the Value of Your Creative Work
In order to be able sell, license or enter into any commercial arrangements based on your creative work, you need to be able to put a value on your IP assets.
By determining the value of your work, you can ensure that you are being compensated fairly for your creative efforts. This is especially important if you are selling your work or licensing it to others for commercial use.
Valuation is useful when it comes to enforcing your rights and settling disputes. Knowing just how much damage you sustained if someone infringed your work can help you decide whether you want to issue a takedown, offer a retroactive license, or sue the perp.
Valuation is also useful for managing your catalog of creative assets. Which work do you want to invest in – for further development or marketing, for example – the piece you love? Or the piece that has greater value?
If you want to use your creative assets as collateral to obtain financing or as proof of revenue potential, you stand a greater chance of success with the banker if your assets can be valued separately from your business. Bankers do not always understand the concept of intangible assets and you may need to educate them. But you need to understand it first.
What is Your Creative Work Worth?
Remember, every time you create something, you create a bundle of exclusive rights to that something – the right to control, copy, exhibit, distribute, and create derivatives of your work.
Without an accurate understanding and the right information, putting a value on your creative work is nothing more than a guess.
Join me for this workshop and stop guessing what your work is worth.