The current global events are shaking up industries around the world. And some industries, such as healthcare are going through a radical transformation.
It’s creating a high demand for new devices and technologies that help stop the spread of CODVID-19 and other viruses. But it’s not just the healthcare industry scrambling for these technologies. The pandemic has created a massive problem for public places and services where lots of people gather, share the same space and use the same equipment, such as shopping carts.
These industries are desperately seeking new disinfecting technologies. But the problem is the operators of these types of public retail gathering places don’t have the R&D departments to come up with anti-bacteria or bacteria-killing technologies. Instead, they are aggressively looking for outside solutions. And this presents opportunities for startups and entrepreneurs with cutting-edge disinfection technology that quickly solves this problem.
If your IP offers an incremental improvement to how these retailers and shared services providers operate, you’ve got some potentially significant licensing opportunities. Whether it’s UV lighting, sound, infrared, or any number of innovative non-invasive and fast-acting solutions, if it integrates into fixed or hand-held scanners, devices, or fixtures, they want it. They need devices that make it easy, fast, and simple to disinfect common seating areas, shopping carts, car seats, and other spaces used for retail shopping and other public activities.
One example is a company that developed a white light disinfection technology that safely and continuously reduces bacteria on indoor, high touch surfaces such as medical trauma rooms. Because it’s integrated into lightening products, it doesn’t require any additional equipment, training, or experience to use it. It is activated by simply turning on the light switch.
One of the first markets they licensed the technology to was a lighting company that produces lighting products for emergency response vehicles, such as ambulances. And the IP is ideal for market applications outside the healthcare industry, such as food processing and service facilities, clean rooms and laboratories, sports facilities, educational facilities, hotels and transportation hubs, offices, and retail.
Retailers are also testing out other types of healthcare disinfecting and monitoring equipment, from scanning customers’ body temperatures to systems that kill bacteria on things used by shoppers and employees in stores, such as cell phones, tablets, keyboards, and pens.
The consumer marketplace is also scrambling for disinfecting technologies to meet the fast-growing demand for products with hygiene functions, such as dishwashers and air purifiers, and other home appliances.
As the global economy is undergoing tremendous changes due to the pandemic situation, companies need to be agile and move quickly to take advantage of the opportunities. That’s where licensing is an ideal strategy. Instead of making and selling in this uncertain economy, licensing puts your IP to work, generating revenues by integrating it as a solution in other people’s products, services, or technologies. You focus on what you do best, enhancing your IP, rather than struggling to raise capital and build out a company.
And in the case of retailers and shared service providers, your MedTech IP may help them solve what will be a big issue for them in the months and years to come.
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. His first book, Hidden Wealth: The Money Making Power of Licensing was released in 2019 and is available on Amazon.com. He’s also 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.