man is drinking coffee while doing his workAlmost every business these days has some kind of IP or intellectual property. However, very few take advantage of their IP as an asset. One of the main reasons for this is that you need to take specific steps in order to profit from your IP.

To do that, start with the following:

Safeguard your intellectual property to attract investors.

Ensure that your IP is well protected using patents, trademarks, and/or copyrights. This could help communicate to prospective investors how innovative your idea is and your confidence in it.

DIY Commercialisation of IP.

For starters, you could create a new business for developing, producing, and marketing your IP or keep it under your existing business. However, you would need a realistic and detailed business plan to get prospective investors on board. Likewise, if your core competencies are in developing IP and not necessarily in the commercial challenges of marketing it, better seek advice from a professional.

Consider licensing your intellectual properties to other businesses to earn royalties.

This is especially appropriate when you’ve developed your IP and could clearly articulate its potential, but don’t have enough funds to exploit it, if you lack the necessary in-house expertise, if you’re looking to be of the manufacturing process, or if your target market already has a prospective licensee. Licensing could likewise be an excellent way for exploiting your IP’s secondary applications if you want to solely focus on the primary application of your IP. Additionally, you could also look into the possibility of a cross-licensing arrangement in which you provide one or more entities access to your IP so you could have access to theirs as well.

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Look into possible joint ventures for developing and marketing your IP.

Take note though that the best ventures are those between businesses of relatively equal size, in which combining infrastructure and expertise benefits both businesses equally.

Don’t discount franchising.

If your IP has solid value, franchising could be a good option for expanding your brand locally and in foreign markets.

Put simply, if you could show that you have taken the necessary steps to safeguard your IP and that they could generate sufficient income, you could make more profit from them through the abovementioned suggestions.