Today’s smart business operators are including a licensing program as part of their business strategy. A recent research study by PriceWatershouse Coopers, found the top strategies use by Americas fastest growing companies includes licensing (50%), joint ventures (27%) and IP development deals (15%).
Licensing puts the money-making power of your IP assets to work. Your IP rights can be licensed into new industries or for new use applications to create additional revenues for little or no additional cost. Plus you get the added benefit of increasing your company value, reaching new customers and expanding your competitive footprint.
Here are 3 quick case studies on different licensing strategies you can use to generate new revenues:
- Professional Know-How and Trademark (International Expansion): An international consulting company specializing in leadership and sales development, expanded its business internationally with 50 licensees and over 250 consultants. The company licenses rights to its brand name and suite of proprietary consulting tools for effective solutions to improve business performance.
- Proprietary Website Technology (White Label Branding): An event planning company developed an on-line event planning platform. It opened up its revenue streams by licensing this technology to other companies. They customized the platform for the licensee so their customers could plan a party using the licensees “branded” planning products.
- Trade Secrets and Trademarks (Brand Extension): A successful restaurant operator published his first cookbook, and quickly followed it with a line of sauces and grilling spices. After publishing a second book, he diversified his revenue by licensing a TV show, food products, and a second restaurant.
Your IP is an important asset and effective IP management is essential to your business survival and growth. The question is what are you doing with your business IP? If the answer is nothing, than you are overlooking one of your biggest money making opportunities.
Free E-Course: 7 Ways to Use Licensing to Grow Your Business
Your business IP is a revenue generating asset. Yet it’s an asset you may not be using to its full revenue potential. During this e-course, you’ll learn about 7 ways you can use licensing to get the most out of your business IP. You learn how to use it to launch new products, create revenues, get financing, start a new business, stand out from the competition and much more.