5 Easy Steps To A Winning Licensing Strategy

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.

An IP in Motion Makes Money

I’m always amazed when I ask IP owners what they are doing with their intellectual property. Most of the time, the answer is nothing. If you don’t start the race, you’ll never finish. A number of years ago I met a gentlemen in a restaurant. When he learned I did licensing, it suddenly struck a cord with him. He’d been sitting on a new trading card technology and didn’t know what to do with it. Since he had mentioned he was a soccer fan during our discussion, I suggested he license well know soccer teams.