There are many ways to use intellectual property to get a big return on your investment. Producing and selling products is one option. Licensing rights to generate revenues from non-competitive products is a second option. But these aren’t the only options. Here are four ways to use licensing as part of your business strategy to get the biggest ROI on your IP investment.
The growth of IP and licensing is creating new, previously un-thought of ways to exploit and use it. Savvy IP owners are finding new sources of income by re-purposing their IP for use in a different industry or product application.
Intense competition makes firms more open to licensing outside intellectual property. In today’s interconnected market, your competition is no longer your competition. Instead, they are potentially your best business partner.
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 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.