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.
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.
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.