What's more important your Intellectual Property or your Brand? Are they the same? Does one come before the other?
Rich Paul, power broker agent, on a recent podcast talked about the importance of IP for athletes and that's IP was the difference between the athletes that make great businesses and ones that just have great brands.
As I was listening, I couldn't help but agree. It's the reason why Rich Paul has found so much success for his clients but it also justifies our emphasis on the Athlete C.E.O. framework that allows for every athlete to become an enterprise if they go about it the right way.
Let's not drive the cart before the horse though. Your brand plays a pivotal role in how you utilize your IP.
You might be asking, what's the difference if they are synonymous with each other. Well as I like to break it down, IP makes you wealthy while Brand makes you rich.
Your brand is your reputation or the perception of you in the public eye. How marketable you are, your engagement, and media aura all tie into your brand.
Your IP is what you own. Your trademarks, copyrights, tangible assets. Your IP can't be taken away from you.
Using myself as an example; this is the difference between Brand and IP.
My Brand: Professional Soccer Player turned Athlete Entrepreneur, passionate about personal finance, sports business, and athlete entrepreneurship. Known to be a facilitator and active. Nigerian heritage, likes to be active, eat local cuisines, watch movies, and try different tech products. Fans gravitate towards him because of his authenticity and willingness to engage.
My IP: Serve Consulting , Athlete CEO, Manifest & GO Journal, A Frugal Athlete, OK U GO tag line, etc.
While a brand can help me with potential endorsement and sponsorship deals while also push my IP assets, it has a cap. It relies on others to move the needle. Where as my IP are tangible assets, where if I'm doing it right have endless possibilities to maximize the opportunity.
Other examples of IP include Lebron James and Springhill, Kevin Durant and Boardroom, Sloane Stephens and Doc & Glo.
I've spoke about the performance to product pipeline. That stems from focusing on what IP you as an athlete can bring into fruition.
As an athlete, creating IP has numerous advantages that a brand isn't able to accomplish such as:
- Strategic Leverage - in the form of licensing or co collaborating
- Long Term Value - example Jordan Brand
- Monetization Opportunity - George Foreman grills
- Ownership - your nick name as a trademark example "King James"
While I'm stressing the fact that athletes and individuals should focus on IP; it's not a one or another situation. Both Brand and IP should be developed in sync for the best opportunity for enterprise value.
If you're looking to build your enterprise as an athlete don't hesitate to reach out for a strategy session.
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