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.
The ability to raise money is the difference between success and failure for a growing business. Start-ups in particular often find it difficult to raise money. What is often overlooked as a potential funding source is intellectual property.
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.
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.