In licensing, it’s not where the market is today but where it’s going. Licensing is about spotting where an industry and companies are going, and capitalizing on it with your IP. That’s why licensing is such an ideal strategy.
When it comes to developing new technologies, many large companies are finding creative ways of using licensing to partner with startups with promising new technologies. One of the biggest banks in North America is now in the startup funding game. TD Bank Group created a $3 million plus investment fund to provide patent application funding for startups in the fintech space.
When it comes to startups there is more than one way to build your business. But these are often overlooked, especially if you’re wearing your “I’m building a business” blinders and miss other options to get your IP into the market. In most cases, startups choose the direct route. What they often overlook is licensing as a strategy to get them to market.
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 of OPR – other people’s resources. One way is to use licensing to increase your awareness among your target customer […]
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.