Licensing is a great startup strategy to increase your sales and marketing efforts without spending the time and money to do it on your own. This is the greatest use […]
Many startups I speak with often tell me their IP has other market applications, but they just aren’t ready to go after them now. They are concentrating on one market, building sales and then, at some future point (which they don’t know), they’ll move into another market. The problem is innovation moves very fast. Customers and markets don’t wait for innovation.
For a startup or small business, scalability is critical to adding more revenues. But many small businesses, and especially startups, don’t have the resources to reach every potential market. That’s where your intellectual property is a differentiator. IP is not only inexhaustible, it’s also scalable.
Last month, I was a speaker at the Med Tech Monday Conference in Irvine CA. It was a great conference with speakers covering every aspect of the medical technology market – from product development to regulatory approval. I spoke about how to use licensing as a strategy to get your medical device technology into the commercial market. The presentation focused on seven key reasons why licensing is one of the best go-to-market strategies for the med-tech industry – especially for startups.
Licensing is a low risk and low-cost way to plant your flag internationally. It’s less expensive than launching joint ventures or wholly owned subsidiaries. Licensing is an especially good strategy if you’re a startup or small business with limited financial resources. Licensing offers a number of strategies for entering international markets. Which one you use depends on your IP and business goals.