Last month we discussed the 4 key development phases of intellectual property (Concept, Research, Development and Commercialization). In this article, we’ll focus on the IP life cycle. Like businesses and products, intellectual property has life cycles (economic and legal). Some IP are slow builders, others build value quickly and others can be short lived, depending on a number of variables including product development, market trends, customer acceptance, etc. This month, we’ll take a look at the Evergreen IP life cycle model.
Evergreen IP’s have built their value over time – examples are major consumer brands. Products derived from these types of IP’s continue to sell year after year. Other types of Evergreen brands include major sports leagues, art designs, and many patented products. Many of these brands have been around for decades and have become household names. They are less risky than unknown IP or brand new IP and continue to sell on a consistent basis. For small and growing businesses, licensing an Evergreen IP to enhance your current product or service offerings can be a good strategy to expand sales or reach new markets, especially in these challenging economic times.