Intellectual Property: It’s all in the mind

Intellectual Property (IP) is the name given to the various creations of mind like inventions, literary & artistic works, designs & symbols, names & images used in commerce & business.

All these creations have the ability to generate long term and big passive income for the creator who may write a book, produce a song /movie, paint a picture and create software or a mobile phone application. These types of products have the potential to create long term passive income stream for the creator. The key feature of intellectual property is that the effort of creation is one time but the opportunity to earn passive income is very long term and it may continue even after the creator has left the world. Also many times it is not limited by the boundaries of a country and can easily find international market.

A writer writes a book that gets published in millions of copies and the writer receives the royalty. The book gets published in different languages and the writer gets the royalty. The book is converted in to e-book and is sold world-wide, the writer still get the royalty. The writer leaves for heavenly abode but the children still get the royalty on the book. Now you can understand the passive income generating potential of intellectual property.

Currently the field of mobile applications is hot and happening. For every problem there is a possibility of creating a solution through an app. Young and entrepreneurial minds can explore this opportunity by creating innovative intellectual properties and thus creating passive income source in return. May be you become the creator of next WhatsApp.

Here are some real life examples:

J.K Rowling the author of Harry Potter series. The books have gained worldwide attention, won multiple awards and sold more than 400 million copies. A series of films have also been produced based on the books.

Michel Jackson’s album “Thriller” released in 1982 is the world’s best-selling album till date with over 65 million copies sold worldwide.

The most expensive painting sold till date was made by an artist called Paul Gauguin in 1892, which was sold in February 2015 at a price of $300 Million.

WhatsApp instant messaging system launched in 2010, was acquired by facebook in 2014 for US$ 19.3 billion today has a user base of over 1 billion.

So it’s time to start using your mind and intellect and create something amazing for the world.