In today’s technology-driven, competitive marketplace, staying ahead of the curve is more important than ever. That means having access to the best and latest technology and getting it into the market quickly.
But how can you do that? The answer is licensing technology.
This post will explore how an Irish-based startup developed a new composite bonding technology, licensed it to other companies, and was able to accelerate its growth in the process.
What Is Composite Bonding Technology?
Composite bonding technology is a process that uses proprietary agents and processes to bond materials together where there is typically weakness. For example, this could be used in aircraft manufacturing or other industries where lightweight materials must be strengthened without adding too much weight.
How Does Licensing Work?
The Irish-based start-up had its composite bonding technology developed at a local university. Through their licensing agreement, they could take the technology into the commercial marketplace by allowing other companies to license the IP and use it for their applications.
This meant that not only did their licensing partners get access to a great piece of new technology, but they also provided validations from the commercial sector that the bonding technology was worth investing in.
Licensing agreements are two-way streets; while companies access new technologies, inventors can benefit from licensing fees and revenue generated from sales of products created with the licensed technologies. In addition, they also get exposure for their work, which can lead to future opportunities down the line.
The Benefits of Licensing Technology
Licensing your own or someone else’s technology has many advantages for businesses of all sizes—from start-ups looking for a way into the market quickly to larger companies looking for innovative solutions without investing in R&D from scratch.
It gives businesses access to new technologies without having to spend years developing them themselves; it allows them validation of their technologies through successful licensing agreements; and finally, it gives them exposure in the industry to continue innovating in their respective fields.
Conclusion
In today’s fast-paced world, having access to new technologies can mean success or failure for businesses, both big and small. Licensing existing technologies is one way businesses can quickly get up and running with innovative solutions without investing heavily in research and development from scratch. A great example is the Irish-based start-up that licensed its composite bonding technology into multiple industries—including aerospace—and experienced significant growth.
If you’re looking for an effective way to accelerate your business growth and get ahead of the competition, licensing your technology can be one of the best ways. At Licensing Consulting Group, we specialize in helping businesses of all sizes license their technology. Contact us today to learn how licensing can accelerate your business growth.
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.