Is Fear of the Unknown Holding Your Back?

August 1, 20150 Comments

Fearing that someone will steal your IP is a big money blocker. Especially if you’ve got something that a big company is interested in licensing.

fearofunknown

Many inventors fail to take action because of a fear of the unknown. This fear is created from not understanding how the licensing process works. The result is missing big opportunities to make money with their IP.

I met an inventor who created a new accessory for the automotive industry, specifically trucks. He had several companies interested in licensing, but because his mindset was locked in “fear” mode, he failed to take any action with these companies. Eventually these potential licensees lost interest and some big money-making opportunities slipped away.

Successfully bringing your IP to market is something that requires persistence and patience. If you take a short cut and try to “rush ahead”, you can wind up making the same mistakes as others before you. Because you don’t know your licensing options, you can end up pursuing the wrong approach that costs you a lot of time and money.

Getting professional advice is the best way to “overcome” the fear of the unknown. They have the professional licensing expertise, knowledge and skills you need to successfully license your invention. It gives you an experienced IP “partner” to offer you hands-on advice on how to effectively maneuver all of your licensing activities.

In today’s fast moving economy, your success depends on knowing the right actions to take. You don’t need to be an expert on licensing, but you do need a licensing expert to advise, guide and show you the right way to license your IP. Paying for professional expertise can be expensive, but taking the wrong actions can cost you more in time, money and lost revenue opportunities.

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About the Author ()

Rand is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.

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