In intellectual property (IP), not all assets are created equal. A particular class of IP stands out from the rest – evergreen IP. This IP type has been around for years and has built up its value.
Examples include major consumer brands, sports leagues, art designs, and patented products. Many of these brands have become household names and provide a safe option for growing businesses looking to expand their product or service offerings. Let’s look at the benefits of evergreen IPs and how you can leverage them for your business in these challenging economic times.
What Is an Evergreen IP?
An evergreen IP is an asset that continues to sell consistently year after year. This type of asset is less risky than unknown or brand-new IP due to its popularity and established track record. Some examples include Coca-Cola, Nike, Disney, Marvel Comics, Microsoft Windows, and many more iconic brands that have been around for decades and continue to be popular today. Many entertainment properties turn into Evergreen IP. Some of these include Batman, Spiderman, and Star Wars. They continue to generate revenues from new generations of movies and ongoing sales of licensed merchandise.
Benefits of Evergreen IPs
One of the most significant advantages of evergreen IPs is that they are already known to consumers, so they don’t require as much marketing effort or spending as unknown brands, new products, or services. It means you can save money on advertising while still reaching new markets or expanding your current offerings with the help of an existing brand name.
Additionally, because these IPs have already been around for so long, they often come with certain legal protections, such as copyrights or trademarks, which can help protect your business from competitors who may try to copy your product or service offering. Lastly, many evergreen brands come with loyal customers who are familiar with the products/services and will likely purchase them again – giving you a steady stream of income without having to market constantly to new customers each time you want to make a sale.
An Effective Strategy for Growing Your Business
Evergreen IPs can be an effective strategy for growing businesses looking to expand their product or service offerings in challenging economic times without taking too much risk. These types of IPs offer several advantages, including familiarity among consumers, established legal protections against competitors, and loyal customers who are likely to purchase again.
If you are looking for ways to increase sales while saving money on marketing costs, licensing an existing evergreen IP could be just what your business needs!
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses 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, and his articles have appeared in several prestigious trade magazines, including The Licensing Journal, Intellectual Property Magazine, and License India.
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