US companies annually waste $1 trillion in underused intellectual property assets according to a report by Forrester Research.
The biggest reason for this waste is the lack of understanding by business owners and CEO’s of how to manage and make money with these IP assets.
In the new intangible economy of intellectual property, the most successful businesses will be driven by the creation and control of intellectual property. Business owners and CEO’s of tomorrow who are ill-prepared to operate in this environment will be at a competitive disadvantage.
Today over 80% of the value of a business is its intangible assets, primarily in the form of intellectual property. Understanding how to create, manage and make money with IP is now one of the most important skill sets for any business owner or CEO.
Just about all intellectual property education today focuses on the legal side. Visit the website of most law schools and you’ll find courses in IP law. But what about the business side?
An informal survey done by Andrew Watson, CEO of Tangible IP (www.tangible-ip.com) of top business schools worldwide, revealed that most had no intellectual property management (or licensing) courses in their core full time MBA programs. Only three universities, Harvard, MIT and Stanford, offered IP electives.
CEO’s and business owners who understand IP and how to create and control it will have mastered one of the most important business skill sets of the 21st Century. Leveraging the cash flow rights of intellectual property is the power play to grow and expand a business in today’s global marketplace.
Licensing is the process of managing and making money with intellectual property. It is a skill set that, once mastered, gives you the unlimited ability to generate wealth with IP. Like any other skill set, whether its accounting, marketing, construction or copyrighting, you need professionals to coach, teach and show you how to use those skills successfully.
Free E-Course: 7 Ways to Build Your Business with Licensing
Licensing Consulting Group is offering a free e-Course: 7 Ways to Build Your Business with Licensing. Your business IP is a revenue generating asset. Yet it’s an asset you may not be using to its full revenue potential. During this e-course, you’ll learn about 7 ways you can use licensing to get the most out of your business IP. You learn how to use it to launch new products, create revenues, get financing, start a new business, stand out from the competition and much more.
Click here to sign up for this free e-course.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges, and startup events. He’s a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.