Introduction

You’ve often heard that famous marketing slogan “Just do it!” but too many people won’t because they see what they think is perfection and measure themselves against that perceived perfection. In real life, those who are acting are moving, but perfection isn’t nearly as important, as the act of moving.

Your Secret Life

Everyday business activity often creates a lot of IA. Some of them are grand, others not so much, and a few of them may need to be kept secret. You never tell anyone about them. But there is evidence these secrets of yours exist because there is something special that comes out. When this happens, I’m guessing you have created something you want to protect. You know it is special, but you know you need to keep quiet about it. This is called an Intellectual Asset.

We also call this Intellectual Asset a Trade Secret. If you are going to keep it as a trade secret you have to make sure to do a few things.

If you know that others don’t know, then don’t tell
Your secret creates real value and is an advantage in business
You keep it a secret, on purpose. You know you should, and you actively protect your secret. You know if you told others about your secret, you would lose your advantage. You know who you talked to or corresponded with, what your conversation was about, and when it happened.

But you may think, “My idea isn’t that important. Who would want to steal it?” or “It doesn’t make that much difference.” The bold reality is that most business advantages that make a difference are simple secrets discovered by either hard work or happy discovery. This makes them valuable through effort and insight.

But, there is one important fact you have to be aware of. If you never realize what you have you can never use it. Looking hard at what you do, how you do it, and why you do it are at the core of your most valuable assets that allow you to create value for your customers, clients, or stakeholders. The more aware of what you do, how you do it, and why you do it means you can get better at it and you will understand how valuable it is.

Often the value of trade secrets and proprietary information is in the “know-how” of the idea. You might talk about what and why you do something, but telling how would reveal the “secret sauce.” Like Coke, you know you should never tell the how or your advantage would disappear like so much smoke. Yet, sometimes even if you do tell someone, you know they won’t exorcise the discipline needed to take action. Avoidance does not protect your secret. Only your active defense of an idea legally protects them.

To protect a secret, you must be aware of the secret, take steps to keep it a secret, and record who and why you told the secret. Even record why you told someone and what you told them. The law today can help you protect your secrets, but only if you follow all the rules, all the time. That is why you have to follow all the rules, all the time. Not just for some people, some of the time but for everyone all the time.

Right now is the time for you to begin. You won’t be perfect when you start, but if you start, you will have a better chance than if you never started because you are waiting until everything is right. You know waiting is just an excuse to put it off. Waiting is perfecting procrastination. Instead, think about starting to learn a new discipline of being aware and practicing new skills that help you use the assets you have now and those you will create in the future. Sure you will be inconsistent, miss some things, and mess up others, but until you try, you will never get any better and miss more opportunities than you fail at while trying.

We have a tagline, “Your ideas are your best assets.” We use it because we know it is true, for almost every business operating or in existence today or will exist tomorrow. Ideas create solutions to problems we all face. Solutions to our problems, large or small, have been an exchange of value. This exchange is the foundation of business and always has been. That is why “Your ideas are your best assets.”

So, begin thinking and recording your ideas, great and small. I’m guessing you will be surprised to discover the ones that create the greatest value will be simple, but powerful.

The 867 Foundation invites you to adopt the 867 Framework to help you identify, record, manage and protect your ideas. Contact an IA Professional at Amteah Group to find out more information about the 867 Framework and how you can begin protecting your assets today.

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Go on to [The Creative Economy]

This article is part of the Ideas to Assets Series

Andrew Abernathy is the author and co-founder of the 867 Foundation. All rights are reserved by the author and the 867 Foundation, Inc.

This paper is with permission from the 867 Foundation, Inc. A non-profit organization created to advance the 867 Framework that outlines the use and management protocols for intangible assets so they can become recognized as unique and identifiable, tradable assets. This document is presented as an educational resource. It does not constitute legal, or financial advice. Consult your legal or financial advisors for your situation.

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