Leveraging IP – Move Your Business Forward Fast

July 24, 20130 Comments

 

Moving Biz Forward

Intellectual Property can move your business forward and increase its value faster than a business without IP. Often times, a small business may overlook its IP assets such as information, innovation, content, brands, names, reputation, websites and more. These IP assets provide a number of strategic options to keep your business moving.

One way to leverage your IP assets is to increase revenues by charging a premium for your products or services. An example is generic cola v. COKE. Why is one worth more? Because Coca-Cola is using its IP to enhance the value of a simple commodity. It receives a premium because it has a secret formula and a distinctive well-known brand. Coke’s formula is protected as a trade secret and the brand is protected as a trademark.

A second way of leveraging your IP assets is to earn additional revenues by licensing other companies to produce and sell products/services with your IP. A good example is Microsoft, which turns the output of software development into intellectual property that can be licensed and sold. In this case Microsoft uses copyrights and patents to secure its IP rights and keep others from copying its products.

A good way to identify your IP assets is to evaluate everything that gives your business a competitive advantage (why do my customers buy from me), look at other forms of IP (i.e. know-how), and review all written materials and artwork related to your trademarks (otherwise known as goodwill).


If You Don’t Know Where You’re Going, How Will You Get There?

Trying to license your IP without a plan of action is like steering a boat without any navigational charts. You start in one direction, don’t get anywhere, then suddenly change course, but never get to where you want to go. You’ll wind up wasting lots of time money and resources doing the wrong things.  Creating a licensing plan doesn’t have to take weeks and months of work. All you need is the right tool to help you quickly organize and get your plan into action. That’s why the Quick Start Licensing Plan is one of the core tools of the Licensing Toolkit. Click here to get The Licensing Toolkit now.


 

7 Ways to Build a Business with Licensing

Your business IP is a revenue generating asset. Yet it’s an asset you may not be using to its full revenue potential. During this free e-course, you’ll learn about 7 ways you can use licensing to get the most out of your business IP. Each lesson in this e-course series will open your eyes to the money-making power of your business IP. Whether you are a new start-up or an experienced CEO, this e-course will teach you how to use licensing to build and expand any type of business. Read More about “Sign Up – 7 Ways to Build Business with Licensing”

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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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