Licensing builds a bigger money pie by tapping into partners who already have the production, distribution and marketing resources in place. They are established in the market and can add your IP to their revenue pie.
ou’ve spent a lot of money developing and building your new product. You got a utility patent around it. And it’s unique design stands out from the competition. Then a product appears with a similar look to yours. The value of your new invention takes a nose dive as you realize too late you failed to register a trade dress to further protect the unique look of your product.
Managing your IP assets are just as important as running your restaurant. You may have invented things, and not even realize it, such as a new lighting system or a unique operating procedure. To manage these IP assets successfully, you must know what you have.
If you’re creating and selling some form of art products – photos, drawings, artwork and crafts – one of your most important IP assets is your artist brand. A well developed artist brand builds recognition, promotes sales, builds market recognition, cements customer loyalty, and generates licensing revenues. Some of the best known artist brands generate millions of dollars in licensing royalty payments and are household names.