If you want to use your IP to create new revenue streams, start by assessing your business and your products. Do you have a product or service that can add value to your target clients? Watch the video to find out more!
A lot of people think that business is simply just a matter of selling your product. Many actually fail to see that it also includes protecting your products, services, and in this case, your properties. Sometimes you don’t need amazing marketing ideas or a new UX design for your application. Sometimes what you need to do is protect your existing intellectual properties. In this article, we’re going to ask the golden question: how to unpack your IP to build new revenue streams?
Once more, business is all about playing your cards right. It doesn’t just mean keeping up with current trends or calculating your finances. There are certain rules and regulations that protect businesses from copying each other. If these rules and regulations were not in place, then it would be very easy for various companies to copy from another. There would be no sense of originality or ownership regarding certain ideas. And in this world, we know how important it is to have creative ideas. Ideas sell.
Remember, the business industry isn’t just about creating new, shiny things – it’s about forging your brand so deeply into the market that nobody else can find anything else like it.
What Is Intellectual Property (IP)?
With all this talk about Intellectual Property, we must first define what it is. Simply put, Intellectual Property or IP refers to intangible or tangible ideas that you will create with your mind. This includes works that are literary or artistic, images and names marketers use in commerce, and even people’s own designs. That’s why we call it Intellectual Property – it comes from people’s minds.
IPs are protected by the law. Examples of these said laws include trademarks, patents, and copyright. Each one is different from the other but they basically hold the same power. They are meant to protect people’s creations or ideas, allowing them to earn recognition or financial benefit. These laws also serve to strike the right balance between public interest and the interest of certain investors. But most importantly, these laws are set in place to foster an environment where innovation and creativity aren’t hindered.
What are the different forms of IP?
In a report by Statista, it is stated that the number of intangible assets of the Top 5 companies amounted to 21 trillion USD back in 2020. This was on the S&P 500 Index. What does this mean? Well, it means that companies are earning more from their intangible assets if you compare them to tangible ones. You might be asking yourself about the statistics’ relevance. Well, it becomes more important when you realize that your Intellectual Property falls under intangible assets. Imagine all the ways and opportunities you have when it comes to turning your assets into new revenue streams. The best part is that they last 20 years or more.
But before we tell you how to monetize your IP, we have to differentiate them first, especially in the context of an IT services consultancy firm:
- Website addresses
- Trademarks such as brand names and logos
- Copyrighted materials like ebooks or books
- Trade secrets which include business strategies, processes, and methods
So now that you have an idea of what the different forms of IP are, you’ll be able to figure out how to properly monetize them to gain new revenue streams.
When should you hire a business strategy consultant?
A lot of people ask themselves that question: when is the best time to hire a business strategy consultant? The reason why they ask is that they want to see which situations they can handle on their own and which ones they need professional help with. In this case, it’s imperative that you hire a business strategy consultant. IPs aren’t just ideas that have yet or have already come to fruition. They are business opportunities. Technically, they’re a way of earning money without having to lift a single finger, as long as you do so correctly of course.
If you want to learn how to unpack your IP to build new revenue streams, then the best IT consultancy business you should learn from is Loading Growth. They offer a coaching program that helps your business flourish and move in the right direction. You should consider including them in your business roadmap as their comprehensive set of tools, resources, and accelerators work on more than one occasion.
Book your 45-minute strategy session now!
Ian Markram, Global IT Services Thought Leader, aims to help IT Professional Services Owners accelerate profits, achieve personal outcomes, and most importantly, grow their business. As one of Loading Growth’s business gurus, he offers proven strategy points that identify any challenges and difficulties your business may face. His strategy also ensures that the right people – both staff and clients – will flock to you. Then he provides a solution that will not only sustain your business but ensure that you emerge as a leader within the community.
How do you monetize your IP?
Here’s the million-dollar question: how do you monetize your IP? Well, the good news is that there’s more than one way to do so. If you want to learn more about the different ways to monetize your IP, it’s best to get help from professionals such as Loading Growth, who will help using their business grown strategies.
These strategies are effective with evidence pertaining to an increase in revenues. These processes can also be duplicated! So here are the ways you can get monetization value from your IPs:
- Selling your IPs
- Sueing infringers of your IPs (primary and secondary)
- Licensing your IPs
- Selling IP-protected products and services
Keep in mind that these methods include the law so it’s best to hire a lawyer or a business strategist while you’re at it. This is to ensure that everything is safe and legal. Remember, ou need to be smart about incorporating your properties.
Business doesn’t just stop the second you have an idea! Or the second your idea becomes tangible. No, it’s an ongoing process that you must continue to nourish and protect over time. If you want to learn how to unpack your IP to build new revenue streams, then do so legally and wisely. There are many ideas out there that can be very similar so tread lightly. The worst-case scenario is that you’ll end up getting sued for copyrighting another company’s idea.
Intellectual Property comes from your brain which means it’s not easily destroyed or forgotten. But it’s also difficult to pitch an idea if somebody else already has a similar one. This is how business works – it’s a ruthless competition. You need to play smart. And one of the many ways to play smart is to monetize your IPs. If somebody steels your idea, then you can earn money by licensing your IP or suing them for infringement.
If you’re not sure where to start, don’t worry. There are many places to start when it comes to protecting your properties. You just have to know the right people to get the job done.