Leverage means using a little to control a lot. It gives you the ability to use more than just you. Through leverage, you can effect change much more rapidly. Leverage equals speed, or velocity. The more leverage you have, the faster your journey to wealth. A common misconception is that leverage refers only to borrowing money. Leverage is so much more than just borrowed money. You can also leverage intellectual property through licensing.
The number one goal of intellectual property is to transform it into money making products and services. Every day you wait to do something with your IP, it costs you money – in legal fees, lost opportunities or unrealized income. But if you don’t map out a strategy and plan of how to get there, your odds of succeeding are low.
What’s the best way to find and pitch a company about licensing your intellectual property? Let’s begin with a way that doesn’t work – cold calling. It’s very difficult and companies are constantly being bombarded by cold calls. One of the best and faster ways is meeting companies at trade shows.
Finding the first licensing partner is challenging. They are often the most difficult to obtain. Sometimes you get started when someone approaches you about licensing. But in most cases, it requires taking action to find your partners. They look for two things: an IP owner they like and trust, and an IP with a great chance to make a profit.
Licensing converts IP into money-making opportunities. Look around, and you’ll find just about every product, service and technology today is created from somebody’s intellectual property. And in many cases, licensing is the strategy used to get it into the market. But that’s just the tip of the iceberg when it comes to licensing. Here’s four of the top ways licensing creates money making opportunities.