"You need the disappointment in order to teach you and to test your resolve." Mike Lodish, former NFL player and founder of Pat's Gourmet LLC, on how losing four Super Bowls gave him the discipline to be an entrepreneur
You are at a networking event for entrepreneurs when this spunky person across the room catches your attention. You walk up to this gem and start discussing your newest business venture into the world of mobile app development. As the conversation progresses, you realize that not only do you have a shared interest in mobile app developments, you also both have traveled to Malta, enjoy craft beer and go to bed exactly at 11:28 pm mountain standard time every night (despite residing in the eastern standard timezone). It truly is a match made in business heaven. Naturally, the next step is to discuss how you can work together. Before you know it, you two have formed a general partnership and are plowing full steam ahead in developing the latest and greatest dating app.
Things are great at first. You both have contributed equal amounts of money and have dedicated countless hours to the project. One of you manages the project and works with developers to ensure a great user experience while the other hunts down investors to keep the money flowing (because at this point both of you are on a steady diet of canned tuna, ramen noodles and Crystal Light). A software that you worked on a few years ago was recently, and unexpectedly, acquired by a Fortune 500 company and you have just come into a large amount of money. This is great because your dating app, Dating for Winners (a name picked out by your partner), is nearing completion but you have your last (and biggest) payment remaining. One of your investors has suddenly pulled out of the project so you decide to use your large payout for the final payment.
“I’m lovin’ it.” Google’s search algorithm. The Hunger Games series. Grill tongs. These are all someone’s intellectual property (IP) and great examples of how IP is literally a part of the fabric that underlies our everyday lives. IP is literally everywhere all the time. Intellectual property is protected by a variety of IP rights. Common IP rights include patents (grill tongs), trademarks (“I’m lovin it.”), copyrights (The Hunger Games) and trade secrets (Google search algorithm). Familiarity with the various types of IP rights is essential for business owners. When you know how to identify your business’ IP and understand how to secure and leverage your IP rights, you quickly realize that your business has more to offer (and more to lose) than you could have possibly imagined. Your business’ IP is its progress, its profit and its prestige.
"I thought of the name Rockstar because we'd go to Vegas on trips, and on all the trips we used to party like rock stars. Who has more energy than a rock star?" Russ Weiner, founder of Rockstar energy drinks
"You have to have a good team. One person can't do it all. You need a good vision, the right people, the right incentives. Then you need to get out of the way." Jon Yarbrough, founder of Video Gaming Technologies
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