Some of you might have seen the news about the big clerical error at Citibank that got all financial outlets abuzz. Basically, someone with happy fingers at Citi made a serious clerical error making the lenders of Revlon very happy, Revlon hot under the collar, and Citicorp with egg on their face.
But that’s not why I share this story. The corporates – Citi, Revlon and their lenders – will sort themselves out.
What excites me is what I have circled in red. It’s a reminder to all my small business and creative friends about the importance of your intellectual property rights.
Your IP is a valuable asset that contributes to your wealth and the value of your business. Guard it jealousy – protect it, value it, and monitor its use.
We’re not quite there yet but one day small businesses and creatives will be able to enter financial transactions using their IP as collateral. Data shows that the trend is shifting – intellectual property assets are gaining more acceptance as collateral to secure loans and financing for businesses.
