Fearing that someone will steal your IP is a big money blocker. Especially if you’ve got something that a big company is interested in licensing.
Many inventors fail to take action because of a fear of the unknown. This fear is created from not understanding how the licensing process works. The result is missing big opportunities to make money with their IP.
I met an inventor who created a new accessory for the automotive industry, specifically trucks. He had several companies interested in licensing, but because his mindset was locked in “fear” mode, he failed to take any action with these companies. Eventually these potential licensees lost interest and some big money-making opportunities slipped away.
Successfully bringing your IP to market is something that requires persistence and patience. If you take a short cut and try to “rush ahead”, you can wind up making the same mistakes as others before you. Because you don’t know your licensing options, you can end up pursuing the wrong approach that costs you a lot of time and money.
Getting professional advice is the best way to “overcome” the fear of the unknown. They have the professional licensing expertise, knowledge and skills you need to successfully license your invention. It gives you an experienced IP “partner” to offer you hands-on advice on how to effectively maneuver all of your licensing activities.
In today’s fast moving economy, your success depends on knowing the right actions to take. You don’t need to be an expert on licensing, but you do need a licensing expert to advise, guide and show you the right way to license your IP. Paying for professional expertise can be expensive, but taking the wrong actions can cost you more in time, money and lost revenue opportunities.
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.