Licensing is a money-making process. It transforms your intellectual property into income producing products and services. Here’s a quick introduction to licensing that covers some key steps including finding the right fit, creating marketability, presenting your IP and negotiating the deal.
Finding the first licensing partner is challenging. They are often the most difficult to obtain. Sometimes you get started when someone approaches you about licensing. But in most cases, it requires taking action to find your partners. They look for two things: an IP owner they like and trust, and an IP with a great chance to make a profit.
Licensing converts IP into money-making opportunities. Look around, and you’ll find just about every product, service and technology today is created from somebody’s intellectual property. And in many cases, licensing is the strategy used to get it into the market. But that’s just the tip of the iceberg when it comes to licensing. Here’s four of the top ways licensing creates money making opportunities.
Protecting your intellectual property takes time. Especially if it is a patent. Waiting to get your complete patent application through can take up to three years. What do you do in the meantime? Spending too much time and money trying to get everything complete on your patent protection could cost you revenue opportunities. If your IP works and is market ready then it’s time to take action.
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