In years past, the measure of a country’s dominance in the global economy was hinged on it’s manufacturing capability.Today however, the countries with dominating economies are the ones with with the most ideas, the most intellectual property.
Intellectual property is usually defined as the legal ownership of an intangible asset, a creation of the mind, i.e. inspiration, art. This includes a wide range of ‘intangible assets’ (no, personal charm is not included :-)) such as artistic works in music and literature, or ideas, inventions and discoveries. Words, symbols and designs also fall into the category of intellectual property.
As it relates to business and outsource manufacturing, the owner of Intellectual Property has the right to produce and market the creation, or to give someone else the right to do so (in the case of licensing). As a small business owner, being sure that you retain this right over your intellectual property is important.
The reason why the United States is (by far) the largest economy in the world is because US companies either own, or have a controlling interest in the majority of the world’s intellectual property. On a global scale, not much manufacturing is done in the US itself, but the country’s GDP is nearly 3 times that of it’s closest rival. Why is this? Because the United States is responsible for most of the world’s ideas and innovations, and markets these ideas and innovations around the world.
This is what many visionaries of our day are referring to when they talk about the ‘New Economy’. There is no factory on earth that in 25 years could generate as much wealth, or claim to be worth anything near Facebook could in 5. The industrial revolution has passed. We are now living in an age where ideas are king and where access to factories thousands of miles away have made it possible for small businesses to compete with the ‘big boys’.
These realities provide entrepreneurs and small business owners like you with an amazing opportunity. All you need to do is combine your ideas with reliable, outsourced overseas manufacturing, make a plan to market your product idea, and you are well on your way to a successful business!
As a consumer yourself, you are close to the market, and as an entrepreneur you are creative, motivated and quick on your feet!
You do not even need to have a ‘big idea’. All you need is a simple, intuitive idea – or an idea for an improvement on an existing product. Then you take this idea to an outsource manufacturer who will guarantee the protection of your intellectual property (because, as we have learned today, this is where the profit is) and you are ready to start selling!
For a simple and intuitive checklist (it’s free) that will tell you if your product idea is workable (aka. doesn’t suck) download our product development checklist here.
Sourcing Overseas is an all-in-one offshore manufacturing consulting and product development firm whose mission is to bring your product from ideation to launch in a seamless manner, freeing you to build a successful business. Through years of experience, we are well-equipped to offer you a sophisticated and proven service that have helped hundreds of other clients to facilitate successful product launches. Just think of us as an extension of your company, your very own expert engineering and project management team.