Improving a business—whether through new products or services, expanding production, or boosting efficiency—is often time-consuming and, in the case of R&D, can be risky and costly. Yet, it’s the lifeblood of nearly every business, especially in highly competitive markets.
This creates great licensing opportunities for turnkey Intellectual Property (IP) solutions across various industries, from manufacturing to internet-based services, product development, and professional services.
Consider a commercial cleaning company that offers a turnkey solution for manufacturers in the commercial cleaning market. This company licenses its cleaning technology, production design know-how, and manufacturing equipment. The strategy focuses on global expansion and generates royalty revenues from licensees selling to both private and government sectors. Instead of investing heavily in building, managing, and operating manufacturing facilities, the company partners with existing market players worldwide.
This approach allows them to allocate resources toward innovation and technology while using licensing to explore new markets for their cleaning solutions.
Internet-Driven Opportunities
The internet has opened up numerous opportunities for turnkey licensing. For example, one of my clients developed a cloud-based, turnkey solution for game-based learning course authoring, delivery, and analytics. This platform transformed content into multimedia game-based learning courses, delivered it to various devices, and provided real-time analytics through a back-end dashboard.
Their licensing strategy involved partnerships with large educational content providers who needed a cloud-based platform but lacked the expertise or time to develop one from scratch.
Product Development through Licensing
Turnkey licensing of bundled IP for product development is another effective strategy. Instead of creating products from scratch and dealing with the uncertainties of developing proprietary components and software, product developers can license off-the-shelf technologies.
One innovative product development firm shifted its business model from being a contract developer to building its own portfolio of IP around product hardware and software. Now, this design firm offers OEMs and other product developers the ability to expedite their R&D by licensing market-ready component technologies, such as software source code, computer chips, and hardware designs, and adapting them to their specific needs.
Professional Services and Licensing
Licensing is often overlooked by professional service providers, such as coaches, consultants, trainers, and speakers who develop and use methods, processes, and procedures. This know-how can be a turnkey solution for helping clients increase profitability, productivity, sales, supply chains, operations, and more.
For instance, I consulted with a client specializing in workplace safety consulting and training. They converted parts of their program into a turnkey training solution and licensed it to large companies looking to establish their internal safety training programs.
The Competitive Edge of Turnkey Licensing
The interconnectivity of the internet and the rapid pace of new technologies create opportunities for innovative turnkey IP solutions as businesses worldwide strive to stay competitive. Turnkey licensing is attractive because it offers a cost-effective, less risky, and faster way for businesses to improve and grow. It provides a working IP solution that enables a company to enter the market sooner and stay ahead of the competition.
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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.
Working Through a Licensing or Commercialization Challenge?
If you have market-ready intellectual property, a licensing campaign that has stalled, or a business opportunity that may benefit from licensing, a short strategy discussion can help clarify the next step.
Hi,
I have a formulation for a skin cream that has been selling for past several years on Amazon and through my distributors in Canada and US. This formulation has generated millions of dollars and I am now ready to move up to the next level. This moisturizing cream is simple, functional and can be effectively used for many skin problems including eczema.
I’m hoping to license this product to a reputable cosmetic company.
Hi Fara, if you like, we can schedule a short consultation to discuss your licensing options. please use the scheduling link on the website to confirm a day and time.