Recently the University of Arizona licensed one of its latest technologies, a formulation for a new sunscreen, to a local company. The value of this new technology is the ingredients are combined in such a way that it keeps it from seeping into the skin.
And that presented a great licensing opportunity for a small company who spotted the IP. Because the formulation was market ready, the local company quickly turned it into revenues from sales to a large supplier whose customers are major cosmetic firms.
One of the biggest risks for any startup or small business is diving into the “unknowns” of developing a new technology or product. That’s where licensing is a great strategy for reducing this risk. In this case, by licensing in a market-ready formulation, this company immediately expanded its product line without undertaking the expensive cost and risk of developing it internally. Plus it also gets the resources of a big University behind them.
Your business or startup can do the same thing. Today, there’s more valuable IP than at any time before. And that creates big opportunities for savvy entrepreneurs and startups. Licensing in a market-tested and ready to go IP is one of the fastest ways to launch a new product or technology. It reduces one of your biggest and costly risks (R&D) and lets you focus all of your money, personnel and resources on marketing and selling the product or technology.
If you’re struggling with developing a new product or technology or looking for a faster way to expand your current product line, licensing in a market-ready IP is a strategy for you. In today’s fast-moving markets, you don’t have the time or money for delays, cost overruns, or blind alleys resulting from R&D that doesn’t pan out. With licensing, you can get rights to great IP that’s ready for the market, and turn it into money-making products, services or technologies faster than developing it yourself.
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.