By Todd E. Landis Businesses have both tangible and intangible assets. The asssets of a business directly relate to its value, and therefore, understanding and identifying assets becomes extremely important.
Intellectual property can be a valuable asset.
It can give your business an advantage over your competitors. For instance, if your business has a trademark that becomes recognized with its product or service, the mere mentioning of the term will allow consumers to associate it with your business. Likewise, a competitive advantage can be gained by your business by holding in secret such things as customer lists. Moreover, if you want to sell your business, a strong intellectual-property position can increase the value of your business. A patent protects inventions and ideas.