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.
Licensing is a money-making process. It transforms your intellectual property into income producing products and services. Here’s a quick introduction to licensing that covers some key steps including finding the right fit, creating marketability, presenting your IP and negotiating the deal.
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.
Protecting your intellectual property takes time. Especially if it is a patent. Waiting to get your complete patent application through can take up to three years. What do you do in the meantime? Spending too much time and money trying to get everything complete on your patent protection could cost you revenue opportunities. If your IP works and is market ready then it’s time to take action.