It always pays to think big when licensing your IP. That means don’t assume your IP is limited to “just one market” or one licensing partner.
IP isn’t bound by geography, or sales channels, or physical locations. Its only limitation is how you think about licensing it. To do that, you’ve got to break out of the tangible mindset.
And that’s a big challenge for many IP owners. The problem is we are educated and trained in “tangible” formats – inventory, products, technology, distribution, production, promotions, packaging, and more. And this kind of thinking creates limitations. Yes, all these things are combined to transform an IP into a tangible product, service, or technology. But IP is an intangible asset, which means it doesn’t have physical form until you do something with it.
Now you can build it yourself, but that’s one of the riskiest ways to do it. Or you can focus on proving your IP works, and customers will buy it. Then license it to a partner who’s already in business. That’s a better and faster route because they already make and sell their stuff. So they’ve got all the resources in place to make and sell things using your IP.
And remember, if you’re thinking outside the tangible box, you’re looking for more ways to license your IP. Just because you developed it in one format doesn’t mean it can’t be used in other ways. Movies and TV shows are great examples. They are created in an entertainment format. But that’s not its only format. Depending on the type of entertainment, such as a kids character, it can be used in various other forms, such as consumer products, video games, or even a fast-food promotion.
So when it comes to licensing your IP, you’ve got to dream big. Don’t limit your thinking to “it’s only a certain type of product or service.” Instead, think about how your IP can be made, used, sold, and consumed in many different ways. Keep your options open and dig into your IP. You might find a treasure trove of untapped opportunities for licensing.
Ready to think big with your IP? Join me for the IP Licensing Academy Boot camp starting the week of July 19th. Click here to sign up.