Last year, the U.S. Department of Commerce released a study detailing the ways intellectual property supports jobs and promotes economic growth. The report found that IP-intensive industries create 40 million American jobs and account for $5 trillion of U.S. gross domestic product (GDP).
Recently, the EU revealed the results of a similar study, finding similar contributions by IP-intensive industries to the EU’s economy. The report found that IP-intensive industries create 77 million jobs and generate 40% of the total economic activity throughout the EU – roughly 4.7 trillion euro annually.
Profit is now a game of out thinking your competitor and less about out producing him. The old business model designs a product and sells it to create a major product stream. The new business model is built on intellectual property (IP) to generate much higher value than the traditional “product only” business. Today’s market investors are looking more and more at companies with intellectual property. Businesses that focus on creating and controlling rights to IP will be the most successful in this new economy.
Free Webinar – The Money Making Power of Intellectual Property
Innovation and intellectual property are drivers of wealth creation. Licensing is the tool that brings together the idea people who create the intellectual properties with the entrepreneurs who have the expertise, capabilities and resources to unlock the money making power of the IP. During this webinar, you will learn about developing a licensing mindset, how to think about your IP in terms of leveraging its’ money making power, and what types of wealth creating opportunities can be created through licensing.
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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.