A key challenge for a Board is to remain profitable and on a growth trajectory in a dynamic and globalised market.
Uncovering untapped income which reduces innovation costs, time to market and risk can be achieved.
Intellectual property licensing is fast becoming the gateway to growth.
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In the new world of rapid change, astounding technology and brand domination, new strategies for innovation are evolving. Companies that create and successfully leverage innovation are outperforming their competitors, driving new sustainable growth and delivering improved shareholder value.
Innovation can take many forms in an organisation, including the exploitation of intellectual property. Progressive companies have identified intellectual property as a long-term focus which not just aligns, but can lead the corporate strategy. It is their understanding of intellectual property which resides within their organisation, and their ability to commercialise this to create new income and increase the value of that asset, who are winning.
Intellectual Property (IP)
Not all ideas and innovations are created equal. What if there was proven system whereby you do not create the innovation, yet you are consistently managing to innovate. Would you be interested in this competitive advantage?
There is a system and this is underutilised by Australian company leaders. It harnesses the most important core elements of your organisation – your intangible assets – and transforms these idle rocks into diamonds. This is achieved through licensing commercialisation.
You could have many forms of intangible assets locked away in your business. Intellectual property is a sub-set of your total intangible assets and these include trademarks, patents, copyright and registered designs.
Many Australian company leaders remain unfamiliar with intellectual capital, the value captured from all elements of intangibles assets that reside within a business. Intellectual property is the most familiar component and is often ignored.
Commercialisation is king.
If you are not leading this growth program, there is untapped revenue latent in your organisation. The ability for company leaders to achieve new sales income from new channels and territories is possible. Almost all Australian Board Directors are ignorant of how to attempt to diversify growth strategies with reduced risk. How to we know? We educate our leaders as to commercialisation strategy and manage this program on their behalf.
Licensing commercialisation and monetisation.
One of the most easily developed and executed innovation strategies is licensing.
For many, licensing is an unrealised mechanism for exploiting intellectual property. At a company leadership level, it often unwittingly ignored as a growth strategy as it is the least known innovation strategy to drive shareholder value.
Licensing leverages your market leadership, is risk averse when carefully governed and increased your brand’s lifetime value.
Licensing is a great form of innovation, if your definition of innovation is the process to achieve sustainable future returns.
As an IP commercialisation and monetisation specialist, we constantly challenge Chief Executives as to their lack of knowledge and experience in licensing for growth.
Firstly, investing in the old school internal R&D (research and development) model for creating new revenue. If your company is a market leader on one Big Thing, why allocate so much money and energy creating something outside of your core competencies? Why not license into this product/ service / engagement and remain agile, engaged with your consumers, attractive to new customers and drive new sales?
Secondly, what assets are lurking within your organisation that a defined strategy and key licensing partners could unlock as potential new income from a domestic and global audience?
Licensing of your brand and innovations externally or acquiring a form of intellectual property to fill a gap in your own entity, is what you need to start to invest in.
Currently less than 1% of Australian CEO’s are leveraging licensing to create innovative growth. Licensing commercialisation is trending now. Don’t be last to the market.
Celia Murray is a IP Licensing Specialist and Trademarks Attorney who lives for creating new revenue streams from licensing.
To successfully venture into licensing, control of your brand is mandatory. Untapped Agency offers Trade Mark Attorney services and is a Licensing Agent for Brand Owners, Licensees, Manufacturers and Retailers. We extend iconic brands, copyright, innovations and trademarks into innovative, new consumer products, services and experiences to drive revenue.