Preface

• Author: Alexander I. Poltorak/Paul J. Lerner
• Profession: Is the founder, Chairman, and CEO of General Patent Corporation (GPC), an intellectual property (IP) firm focusing on intellectual property strategy and valuation, IP licensing, and enforcement/Is the Senior Vice President and General Counsel of General Patent Corporation (GPC)
• Pages: 15-17

FPREF 12/13/2010 11:21:42 Page 15

Preface:

Intellectual Property:

The Currency of the

New Economy

Intellectual property, also known simply as IP, has become one of the

most talked about topics in business today, yet it is still one of the

least understood. Simply stated, intellectual property consists of

products of the human mind and creativity that are protected by law. It

is an intangible, lacking physical substance. It has neither length nor

width nor height. It has no weight and casts no shadow. It is colorless,

odorless, and tasteless.

Like tangible property, intellectual property can be bought, sold,

and rented. Also like tangible property, it can be lost or destroyed

through carelessness or neglect. It is insurable and could be used as col-

lateral. It may be the result of a momentary flash of inspiration or years

of diligent and painstaking labor. It may be lost in a moment or continue

in perpetuity.

Whatever its other characteristics, however, intellectual property

does have economic value—often great economic value, although

this value is often overlooked, undere stimated, and underreported. In

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