The biggest reason you fail to understand intellectual property is the way you think about IP.
One of the biggest obstacles to making money with intellectual property is the way you think about it. Most people fail to “see” IP. They “think” of it as tangible products or services. Intellectual Property is part of your everyday life. It is in nearly everything you do at home, school or work. If you read a book, watch a movie, surf the internet or drive a car, you are using intellectual property.
Intellectual property is created from your mind in many forms such as formulas, technology, drawings, processes, software, or literary and artistic works. These forms become different types of intellectual property including patents, trademarks, copyrights, trade secrets, business processes and know-how. IP then becomes an intangible asset with legal rights.
Intellectual property develops over time and is the secret to creating new wealth building opportunities around the world. It is intangible wealth that is transformed into tangible wealth by commercializing (i.e. licensing) it in different forms of products, services or technologies.
The “Licensing Mindset” thinks outside the “tangible products or services” box. It “sees” new, innovative and useful applications for an intellectual property. Often it’s discovering new forms, markets or even bundling it with other IP outside of its core product or service. For instance, a patented design feature used to streamline an aircraft may work to enhance fuel-efficient design in automobiles. Or, a copyrighted rock-and-roll song may contain lyrics and rhythms that work well for the television ad for a motorcycle company.
By applying a creative “licensing mindset” to the real value of your “IP asset” and the revenue opportunities it possesses, you can find yourself with a treasure trove of unrealized wealth.
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.