There are plenty of opportunities in today’s market and they are constantly evolving – whether it’s in niche markets, new ways of distribution, or a shifting retail environment. Licensing is the tool that connects the IP with the expertise and knowledge to take advantage of these markets and money-making opportunities.
Licensing creates teams of professionals and it does that in three ways. First there are the idea people who create the intellectual property. These include the businesses and individuals who invent the intellectual property. The second are the professionals, such as agents and consultants, who spot the licensing opportunities. I fall into this category. I assist my clients in making money with intellectual property, either as an agent licensing out rights to an IP, or as a consultant advising on acquiring rights to an IP. The third are the manufacturers who commercialize the intellectual property. Depending on the IP, these could be one or more manufacturers or marketing companies.
Bringing together these teams – better known as “commercialization teams”, is a goal of licensing. The licensing process “captures” a wide variety of expertise and knowledge, and focuses it on making money with the intellectual property.