Growing your startup or small business doesn’t mean spending lots of time and money trying to create a product or technology from scratch. In today’s IP rich market, licensing in a proven technology is a fast track strategy to quickly build your startup or expand your current business.
Some of my clients, hire me to be their “eyes and ears” and help them find IP to license in. Entertainment properties are one example. I’ve worked with several clients who wanted to license popular movie franchises. This ia a tough IP to license, because these properties are often locked up in long-term license deals between the studios and large manufacturers. But sometimes, we were there at the right time, and licensed rights to a new product category or territory that was just opening up.
Acquiring rights to a proven product or technology shortens the time to market. Rather than spending your time and money on R&D, you focus your resources on getting the IP into the commercial marketplace. When P&G wanted to expand into the sunglasses market, they licensed their Cover Girl brand to a small sunglasses company. With this well-known brand, sales took off and the sunglasses quickly rose to the number one seller at retail in its first year.
Start researching and do your homework. Take a few hours a day for the next two weeks, and search the internet. It’s an invaluable tool for finding IP opportunities because it gives you access to so much information. When you start collecting this information, opportunities will present themselves.
During this video, you will learn about the following 6 key tips to keep in mind when evaluating an IP to license in:
- Is there demand for the IP?
- Does it solve a problem?
- Is the IP novel and unique?
- What is the market potential?
- What will it cost to produce?
- How fast can you get it into the market?
It takes time to find the right IP and licensing opportunity. It’s a dynamic process, that requires you be actively in the market, whether it’s licensing out your IP or finding one to license in. It requires taking action and making it part of your daily business activities. Remember, the best licensing opportunities go to those companies that make licensing a part of their short and long-term strategy.
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.