Entrepreneurship and Intellectual Property - Interview with Stoyne Vassilev
Could you introduce yourself for our audience?
Hi, my name is Stoyne Vassilev and I am an independent personal financial advisor. I am the founder of one of the most popular personal finance and investment websites in the country – SmartMoney.bg, author of the bestseller “Smart Money”, co-founder of the InvestPRO program and Chairman of the Board of the Bulgarian Association of Personal Financial Advisors.
About 10 years ago, I left the corporate world and became an entrepreneur, and my mission is to help people and business owners improve their financial literacy and live better.
- What is entrepreneurship for you?
For me, entrepreneurship is freedom. When I worked as an employee and manager in large companies I didn’t value as much the ability to set my own work commitments, take a day off mid-week or choose which people and companies I worked with.
As the owner of several businesses, I have a lot of commitments, but I determine which ones will take priority. It’s also up to me whether I get up at 6.00am and get something done or leave it for 10pm.
Although the first years as an entrepreneur were not easy, I think it is worth it to start your own business. The best definition of entrepreneurship I’ve ever heard is “Living a few years the way most people don’t want to, so you can live afterwards the way most people can’t.” I agree with him.
How do you assess that an idea is innovative?
Many people take innovation to be something totally new that no one has ever seen. This stops them from starting a business or developing a new idea. For me, innovation is a change, even a small one, in a process. It could be in marketing, manufacturing, delivery or finance. The vast majority of inventors we know have not invented something new, they have improved an existing product. For example, Thomas Edison didn’t invent the light bulb, but he improved on that of scientists like Warren De La Rue, Alexandre Volta, Humphrey Davy and others.
Why is intellectual property important?
In a world where different entrepreneurs have access to the same resources and technologies, it is possible for an idea or innovation to be born in several different countries or cities. The first to register the trademark or patent will win. Although in the 21st century everything can be imitated and copied, intellectual property is still one of the main assets of companies. Every day we are bombarded by hundreds of brands and it is good to stand out.
As someone who has valued a lot of businesses in recent years, I can say that trademark and other intellectual property elements have been quite a boost to the value of a company, not so much the physical assets, which depreciate very quickly.
Message to our audience
Whenever I have decided to save some money and do something myself in an area where I have no experience, I have made a mistake that has cost me a lot of time, nerves and money. My message is to use experts with proven experience and qualities, especially in trademark registration, because this could become one of our main assets in the future.