Licensing creates a partnership that’s really just the tip of the iceberg. If you’re a small business or start-up, licensing opens a door of opportunity. It give you access to more than just an IP…it gives you access to valuable OPR – other people’s resources.
OPR is a great strategy for start-ups and small businesses that often have limited resources. Sometimes it’s capital, but it usually distribution, marketing, manufacturing, or other resources your licensing partner can offer.
I talk about this in both the Licensing Mastery and IP Business Builder training courses – there is no shortage of resources. They are out there. You just have to know how to acquire them, and licensing allows you to do that.
When you acquire a license, what you’re doing is opening up a partnership. The license gets you in the door. What you have to understand is through that license, once you acquire it, you have a tremendous partner. You could be a one or two person business operating out of a garage, and if you acquire a license, for example to a major studio movie, you are suddenly part of a big family of companies that are operating as licensees of a very large multi-national global company.
Well, guess what? Behind that company there are all these divisions that reach out into many markets. The have marketing initiatives going on, and what they are in need of is products or services for these initiatives. Once you become a licensee, you open the door to get access to all those resources within that organization because you are part of the organization.
What I talk about in IP Business Builder is how to capitalize on the opportunity to open the door with a major licensor. When I was on the studio side, companies that acquired the license to a big movie franchise opened the door beyond those properties. A couple of them wound up getting millions of dollars in business just on the premium and promotions from the field marketing and DVD divisions. Plus there were many other places they could go simply because they were a licensee, and now had access to bigger retail opportunities.
This happens across the board when you’re licensing entertainment, video games, brands, sports, technologies, or any number of other types of IP. Once you get that license, you’re opening the door to OPR – other people’s resources.
If you’re ready to find out how you can tap OPR for your business or startup, contact me today. We’ll have a short discussion about your licensing options and how I can help you capitalize on those opportunities. But don’t wait too long. The market is always changing and if you don’t take action, you’ll wind up missing some great 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.