Intellectual property (IP) is inside almost every product, service or technology. More and more inventors, entrepreneurs, start-ups and operating companies around the world are using licensing because it’s one of the surest ways to get their IP into the market and generate revenues.
What is Licensing?
In a nutshell, licensing is a different way of thinking about the use of “intellectual property” – which is the legal term for someone’s idea. Whether it’s a patent, trademark, or original work like a film, book, cartoon, or video game – licensing provides a framework to unite the owners of these ideas with the people who know how to sell them.
Licensing works hand in hand with marketing because licensing is a function of marketing.
Licensing is another way to market and distribute your technology, product or service. This is crucial to keep in mind because the people you’re going to propose your licensing deals to are marketers and promoters. These are the people who will know how to market and sell your intellectual property and you must learn how to approach them correctly, know what’s important to them, present to them correctly and speak to them in their language.
The Key to Success in Licensing
Though licensing is rarely talked about, it is an insanely profitable business and has created some of today’s largest fortunes. Licensing is lucrative for all types: creative people who offer the ideas, business people to promote the ideas and bring products to market, and agents to spot new opportunities and act on them!
There’s one very important thing you must do if you want to increase your chances of succeeding with licensing and that is…
The Ability To Make Things Happen
If you’re a person “who makes things happen”—then you’ve already started the process to creating your own fortune in the next few years with licensing. In fact, if you have this one quality, then you already have half of what it takes to make the most of licensing because…
Action Is Everything When It Comes To Licensing
You have to take action on your intellectual property. If you don’t take action, then nothing gets done. Let me explain why action is one of the most critical things when it comes to licensing.
Once your idea is intellectual property, it becomes public information (if you register it) and the world will know about your intellectual property. If you don’t have a strategy to take action and make money with your IP, then you won’t know what to do with it. Worse yet, someone else might figure out another way to act on your intellectual property before you do.
So it’s important to keep this in mind when you create your intellectual property, whether it’s a trademark , copyright or patent (as well as a trade secret), even though its “legally” protected, it doesn’t stop someone else from figuring out other ways of using your IP.
Why I Created Licensing4Profits
When I began my professional career in licensing, I knew nothing about it. I was given an office, a phone and told to go out and find companies to license a movie based on a comic book character that hadn’t been seen by the public for over 20 years. At the time, licensing wasn’t big business for the movie studios, but that quickly changed when the movie became a blockbuster and generated hundreds of millions of dollars in licensed merchandise sales. After spending over 15 years licensing entertainment properties, I set up my consulting business. Because I had worked with people who understood licensing, I assumed everyone did. I quickly discovered that most people didn’t know what licensing is and how it works.
There’s a lack of valuable education and training on how to make money with intellectual property. It’s not taught in any schools or universities. The result is too many people making wrong assumptions, making too many mistakes and completely misunderstanding the basics of what licensing is really all about. You wind up starting with a wobbly foundation on a long, frustrating and costly licensing journey. But it doesn’t have to be that way. That’s why I created Licensing4Profits.
Licensing4Profits is your resource for information, mentoring, advice and real world expertise on how to make money buying and selling intellectual property rights. You’ll find the right licensing resources for any stage of your licensing process – whether you are new to the world of intellectual property, need advice on what to do with your IP, or ready to take your licensing opportunities to the next level. At Licensing4Profits, you’ll have access to continuously updated content with real world actionable information.
Sign up for our free newsletter and receive our latest blog posts and podcasts. Articles cover all areas of licensing including how-to tips, avoiding mistakes, protecting your IP and answers to lots of different questions about licensing.
Check out our free e-courses and webinars. If you’re new to the world of intellectual property and licensing, sign up for Licensing 101. If you’ve run into a roadblock trying to figure out what to do with your IP, sign up for the Top 3 IP Money Blockers and How to Get Past Them. If you’re looking for new ways to promote your IP licensing opportunity, sign up for the e-course Guerrilla Licensing.
If you’re looking for more advanced licensing information, check our video presentations. These are short videos cover all areas of licensing from creating value to finding partners to negotiating deals and more.
You’ll also find more advanced audio training courses that teach you the entire licensing process from securing your IP rights to managing your licensing partners.
If your business is ready to add licensing to your business operations, Licensing4Profits offers live training to teach your team how to manage your IP and the licensing process, and assist you in setting up the your licensing operation in-house.
Are you looking for professional advice on your specific intellectual property and its licensing opportunities? If so, Licensing Coaching is a cost-effective way to get me on your team to advise you on the best ways to create money-making licensing deals with your intellectual property.
Licensing intellectual properties is a fast-track ticket to generating money and creating wealth – and you don’t have to figure it out yourself or do it alone. Whether you are an inventor with the new intellectual property, a business ready to expand, or an entrepreneur looking for the next big opportunity, Licensing4Profits is the only place that gets you in the IP licensing game fast so you can make big money with your intellectual property.