Deciding to commercialize an intellectual property is a big step, and one well worth taking. However, before venturing out into the market, you should explore the different options of Commercializing the IP yourself vs Licensing the IP. Here are some questions to consider in evaluating these options:
- Is your intellectual property ready for commercialization?
- – Do you require further R&D?
- – How much will development cost and do you have the necessary funds available?
- – How could Licensing your intellectual property (IP) assist you with these initial costs?
- What Markets will you be venturing into?
- – What is the size and growth of these markets?
- – Do you have the resources to reach these markets?
- – What advantages would Licensing your IP have in reaching these markets?
- Where will your product be manufactured?
- – Do you have connections in different manufacturing centers?
- – What kind of manufacturing advantages will you gain by licensing your IP as opposed to producing it yourself?
Each of these questions highlights a key benefit of licensing vs. commercializing an IP yourself. Licensing your IP takes advantage of the resources, skills and the network already established by a licensing partner, and it offers one of the most efficient routes to a successfully leveraging the value of your intellectual property.
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.