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Protecting Your #1 Asset: Creating Fortunes from Your Ideas (Rich Dad's Advisors), by Michael A. Lechter
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Since failing to know the rules can lead to disaster, this book will familiarize readers with the basics they need for protecting their company's critically important rights involving copyright, patents, trademarks, & all other aspects of intellectual property. Protecting Your #1 Asset & Learn How to: * Turn your ideas into intellectual property assets * Identify & benefit from potential intellectual property assets that you may already own * Avoid inadvertently giving away your rights * Use your intellectual property to build barriers to your competition * Generate cash flow by licensing your intellectual properties to others * Use intellectual property to aid in raising capital, & as an alternative to raising capital.
- Sales Rank: #277545 in Books
- Published on: 2001-06-01
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.00" w x 6.00" l, .90 pounds
- Binding: Paperback
- 320 pages
About the Author
Michael A. Lechter is an Attorney specialising in Intellectual Property.
From AudioFile
Your ideas can be turned into income streams if you manage them correctly and protect them from theft and unauthorized use. The author, an articulate attorney with a good speaking voice, provides an encyclopedic primer on navigating in the world of intellectual property. As in the other volumes in the Rich Dad's Advisors series, the author surveys the history and breadth of this topic before moving into a smoothly organized account of detailed information. Delivered with a speaking style that is as inviting as it is cautionary, the author's message is to pay attention to your intangible creations and do the hard work of protecting them, so you will profit from your work. T.W. © AudioFile 2003, Portland, Maine-- Copyright © AudioFile, Portland, Maine
Most helpful customer reviews
93 of 97 people found the following review helpful.
Not the best...somewhat incomplete...gives broad brush
By Lee Say Keng
Frankly speaking, I am quite disappointed with this book.
When I bought this book, I had the impression that it is about the protection of intellectual capital. Also, I was attracted to the book because of an introduction by Robert Kiyosaki, whose work I am very familiar.
Although the book gives a broad brush about intellectual property (IP) protection from many different perspectives, and offers some useful guidelines to help protect your intellectual interests, it is somewhat incomplete as far as the protection of ideas or intellectual capital is concerned.
It does not give any specific illustration and/or example on how to protect your intellectual capital from the standpoint of goodwill, reputation, expertise, (especially accumulated practical skills), data and know-how...more specifically, your ideas and/or "working methodologies" which are embodied in products and services.
Take an example from the book, on page 58, under Utility Patent Protection, the author talked about:
"Business method is patentable if:
- it produces a useful, concrete, and tangible result; and
- it is novel and not obvious;
but the book stops short of giving specific business cases or product examples to illustrate this key point. This is, to me, intellectual capital, and I want to know how to protect it!
As a matter of fact, the author talked about how he came to know Robert Kiyosaki...from the CashFlow game. Funny enough, the author did not even bother to give any detailed account on the IP protection scheme pertaining to the game. Nothing at all, period. I thought this would have been a very appropriate subject, because of the need for the protection of intellectual capital behind the development of the game - and the gameplay procedure - from pirates.
The book listed a lot of other IP stuff, which were not covered in the book, but the author directed the reader to his website. For example, the author introduced his IP self-audit checklist, among other things, which sounds interesting. When I checked his website, I realised I had to fork out US$129/- to buy a CD-ROM containing the stuff.
My overall personal impression of the book is that both Michael Lechter and Robert Kiyosaki are using each other to sell each other's products and services! (which are well-illustrated on many end pages of the book!) The poor reader is expected to fork out more effort and money...maybe that's why the Rich Dad series of products are so lucrative for the author.
On the whole, this book falls short of my personal expectations. I am very disappointed with the author and also, Robert Kiyosaki.
To be fair to the author, I feel that the book, even though it is incomplete from my personal viewpoint, still provides a broad-brush about IP, - especially on copyrights, patents,and trademarks, - from many different perspectives.
41 of 44 people found the following review helpful.
Keeping Sole Ownership of Your Valuable Ideas!
By Donald Mitchell
Protecting Your #1 Asset is one of the most helpful introductions to the legal side of intellectual property acquisition and management that I have seen. Few who are not intellectual property attorneys have this knowledge. As a result of ignorance, many well-meaning individuals make substantial mistakes that cost them substantial incomes. This book will "alert you to the pitfalls that can strip the rights from the unwary."
This book covers the primary ways to protect intellectual property, including trade secrets, utility and design patents, mask work protection, copyrights, trademarks, and trade dress. This is done in the context of maximizing your revenue and income by creating protected intellectual property and creating competitive barriers, while minimizing the risk of receiving and being harmed by third-party claims against you.
The book's set piece is Robert Kiyosaki's experience with inventing what he called a "shoe pocket" which was Velcro and nylon wallet that is now called a "surfer shoe." Mr. Kiyosaki did not protect his idea, and was soon put out of business by competitors who copied and outperformed him. The book then goes into a number of horror story examples of how simple mistakes can cost a person or a company its intellectual property. Some mistakes can be as simple as not properly dating invention notes, while others can involve "abandoning" the invention by not continuously working on it.
The book gives you a lot of guidelines of what you need to do to obtain and retain protection, and helps you understand the pros and cons (and availability of these protections).
As someone who studied intellectual property in law school, I found the book impressive. I intend to recommend it to those I know who are developing intellectual property but have limited knowledge of the field.
The book's main weakness is that it doesn't give you a sense of what the costs are related to these protections. If you have intellectual property worth a billion dollars and lots of cash now, that's not a problem. Go for the best protection! On the other hand, if you have something that you're not sure what the value is and not much cash, you may want to take the less expensive routes. Top intellectual property legal advice will usually cost hundreds of dollars an hour. A worldwide patent position can cost well into six figures in dollars. So if you need intellectual property counsel, get into those cost issues at the beginning of your relationship. If trade secret and copyright protections are enough, the advantage they have is that they are not very costly to obtain and maintain. In seeking out intellectual property help, do try to find an attorney who is experienced and has educational credentials in the field in which you are seeking protection for your work. A small percentage of the bar (less than 5 percent) is well qualified to work in these areas as Mr. Lechter implies. Within that small group, one person in 30 will probably be much better suited to your issues. Take the time to find that person.
After you finish reading and thinking about this book, I suggest that you also consider how you could build a business out of just creating intellectual property. That business model may be one of the most valuable in the decades ahead.
Seek ideal improvements daily!
16 of 16 people found the following review helpful.
Teaches the basics, if you can get through it
By A Customer
Background: I've read all of the RD books, 6 of the Rich Dad's Advisors series, and other books by the RDA authors. For all of the RD/RDA books, I have found the conversational style to be very readable and an effective manner in which to convey information. With this book, however, it was a struggle to get through it. In terms of readability and value, this is the worst RD book I've read.
Coverage of Material: I am not knowledgable about IP law, and I felt that this book provided a basic coverage of the issues.
Organization: One frustration I had was that a lot of material was repeated, and obviously so. Rather than organizing the book in a more efficient manner, the author instead chose to repeat certain passages. When I've paid for a book, I don't care for the same half-page passage repeated three or four times.
Writing Style: The first part of the book was well written. I especially liked the initial horror stories and phone conversation, both of which were written in a conversational style. If that style had been maintained throughout the book, I would have given it 4 or 5 stars. However, the writing quickly degraded to being almost unbearable. Some parts of the book were written with a condescending tone, and it seemed that Mr. Lechter was stroking his ego. I also found the lengthy discussion on the Internet's structure to be tedious and unnecessary, perhaps a filler to increase the page count. This information was not relevant to the subject; a one or two page summary of the Internet would have been sufficient.
Other Comments: I've enjoyed Robert Kiyosaki's books, but as a whole they are full of contradicting information. This book was no exception. In the foreword, Mr. Kiyosaki uses the same quote three times, wording it differently each time, and giving two different references (Rich Dad for two, himself for one).
Bottom Line: I read this book because I want to read all of the Rich Dad and Rich Dad's Advisors books. In general, although a few of them are blatant advertisements, I've learned something from each one. In the case of this book, I would strongly suggest you find an alternative, unless you want this book because of the series affiliation. Legal primers available online provide a better value.
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