If you like attending events every now and then, you probably like creating one right in your own home. Perhaps, you must be already doing that in the form of birthday celebration or just a get together party. For people who like to go big on events, the thought of creating one’s own Intellectual Property must have crossed the mind. As no challenge may be too big to conquer, creating an IP may require some holistic thought process and direction. Let’s look at some of the factors that drive IPs.
Behind every execution there is a plan, behind every plan a thought process is involved, a goal is involved. Similarly, behind every IP there may be some key focus areas that a person must think through. As the world we live in shrinks increasingly with time as a result of technology, a property needs to provide some form of experience, which people can connect with and value. Speaking on this subject, Supriya Sobti – Co-founder of Ragasthan says, “Whether it is time or distance, technology has shortened it to the point that people expect instant connect to any property, expect to see value instantly as well as instant recall value of the product. So, an IP is about creating that tangible property with the target audience in mind.”
Once a person takes the first leap and organizes an event after putting every sweat and blood into it, it is important to patent it. Every property is unique that is worthy of patenting. Supriya believes that a property is an investment that requires massive resources, there are no shortcuts to it, and one puts in everything that he/she believes in it. Therefore, it is important to protect it.
USP: Every person is unique so is his/her creation. A property needs to have an USP in order to not just stand out from the crowd but to provide a unique experience to people who are the real patrols for any property to become successful. Supriya says, “Ragasthan music festival is different from other festivals, which hasn’t been done before, we have to ride on the demographics and provide what they have not experienced before. It might take little bit of time to set up, but the uniqueness always help.”
There is no magic formula to create an IP and there is no special personality trait that makes one owner of a successful IP. Supriya believes that it is more about self-belief in a product and in believing that the concept and idea will work. Anil Singh of Procam International said, “an IP is like your baby, you have to believe in it, feed it, raise it and grow it with time.”
Another important aspect is ticketing model and pricing for any IP once the basics are in place. However, it can be a complex affair as initial period of any property may not attract sponsors in both value and size. A certain value can also be attributed around ticketing model. For example, Ragasthan carries the a standard pricing for the festival, there is no VIP pass or anything of that sort. She says, “we keep the pricing to minimal to cover the basic costs and pricing is kept same since we believe that music does not discriminate anyone.”
