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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One of the best resources for finding your licensing partners is trade shows. They happen everywhere. I attend many trade shows and it’s one of the quickest way to learn about an industry, make contacts, and find the right licensing partner.
Finding a good intellectual property to licensing can be challenging. During this video, you hear about the following characteristics