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.
For many startups, going all the way from IP development to market launch is often capital intensive. Many times funding is hard to get because of the high costs and risks involved. That’s where the licensing route is one of best strategies to use.