You can buy or sell breakfast or a toaster without a lawyer. Business law is based on common sense. Intellectual Property (“IP”) is different. Common sense does not always apply to IP. This is dangerous because IP can be a valuable competitive advantage, e.g., McDonald’s trademarked name, Coca-Cola’s trade secret formula, Microsoft’s copyrighted software and IBM’s patents.

Not creating valuable IP is inexcusable because often only minor steps are required. The best foundation for inexpensively creating valuable IP is: (1) identify your existing and desired IP; and (2) pretend you are on the witness stand using The Rules to prove you own it. This drill opens your eyes to an important universe and teaches you how to win there.

IF YOU DO NOT KNOW THE RULES, THE HARDER YOU WORK, THE MORE YOU WASTE.