When it comes to your IP, there’s more than one way to make money with it. In most cases, you miss these licensing opportunities because they are hidden. In this article, I’ll help you discover some of these hidden money-making opportunities.
One strategy is creating sources of revenue from new applications or ways that your IP can be re-purposed for the commercial marketplace.
If you have an IP that you’ve been unable to get into the market in its current form, instead of letting it sit, find other applications for it in different industries. Some interesting examples include Bubble Wrap, which was originally invented as wallpaper; Duct Tape, which was originally used to seal WW2 ammunition cases.
Sometimes you can discover new uses for an IP. One of the largest consumer products companies discovered a foam used for soundproofing and insulation was also a great cleaning tool when wet, and re-purposed it into the number one brand of cleaning sponges and mops. Another example is one of the most successful toy products in the world. The Super Soaker water gun was originally designed as an industrial water pump.
While I was at the studios, I often licensed companies that had invented a product for one market but figured out how to “re-purpose” it for a hot kids’ property. In one case, a company had invented a glove that made sounds when it moved, and they turned it into a wildly successful Power Rangers “Power Glove”.
Oftentimes failing in one market opens opportunities for another. An interesting example is Olestra, the fat substitute product from Procter & Gamble, which failed in the consumer market was re-purposed as a cleanser for contaminated soil.
Intellectual property is like buried treasure. It’s a rich deposit of wealth hidden in plain sight. The trick is to be able to find and identify it. One of the best ways to figure out new ways to use your IP is making an “inventory list” of all the different parts of your IP. You can click here to get the L4P special report on how to create an IP inventory.
By creating a list of your IP parts, you’ll start to see the hidden money-making opportunities. You’ll discover new applications or uses for your IP. You’ll be able to turn these into new revenue by licensing them into different markets, bundling with other IP, or re-purposing them for new products or services.
