Value and protect your ideas

By April 30, 2014Ideas

kathryn williamsDo you believe that your ideas have value beyond the time it took to deliver them to your client?

Do you think that a great idea potentially continues to deliver returns for your client beyond the initial time it took you and your team to conceive and execute it?

Our industry specialises in delivering great ideas to increase our clients’ brand equity.

It is therefore an essential part of running a creative agency to understand how to cost, value, and sell your ideas.

Ideas = concepts = a product of your mind, a saleable commodity.

Ideas are separate from the time and direct costs incurred whilst preparing your proposal document, story boards, and other such documents which help you to explain your ‘big idea’, and separate to the time and costs it will take to produce and execute your concept.

Value – so how much is an idea worth?

Ask: 3M, Google, Coca-Cola, Nike

Did you know that there are at least 39 Brand valuation models?

IP is what makes creative agencies different to accountants and lawyers. Collectively as an industry we sell ideas – it is up to you all to ensure that you value and protect this most valuable asset.

Your responsibility and obligation to your agency and the industry is to review your own agency’s position each year, to educate and empower your team, and enlighten your colleagues and business partners.

Kathryn Williams is the owner of Kathryn’s Mint and a Legends & Leaders mentor in the Finance module.

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