Intellectual property and the monetisation of intangible assets is a silently trending strategic growth programme for progressive businesses. For those leaders who are investing in intellectual property (IP) licensing, they are realising new revenue streams and engaging new consumers while their competitors idle.
As a company executive or director, are you fully informed of the value of your intellectual property? Are you disclosing IP value to your shareholders? What internal controls do you have in place to protect your greatest intellectual property assets? Do you even know the IP assets that reside in your business?
IP Licensing can be the hidden gold mine for companies who are forecasting a sales hiatus, are seeking to mitigate the brand or product lifecycle declines, seeking aggressive global growth or have a culture of embracing innovation.
The benefits of licensing allow a company to globalise more rapidly with reduced costs and risks, attract new consumers outside of your core offering, enter new channels and new categories and monetise innovations that may be underutilised.
In the last decade, the importance of intellectual assets in an organisation has significantly increased. Intellectual assets refer to all intangible knowledge that exists within an organisation, where as intellectual property are a sub-set of assets that are afforded legal protection.
Traditionally is the tangible assets that are exploited for commercial advantage to achieve a financial return. As a company leader, you may be quite aware of your intangible assets yet few leaders are actually utilising these as intellectual assets to develop and optimise new value.
There is limited awareness that the final process for value creation is the commercialisation. This success is dependent on the processes and policies that are previously implemented by the business to prepare to share your intellectual property. Previous determination of the limits of use of your IP assets must be managed before any third party programme can commence.
It is imperative that every company creates and maintains a long-term intellectual property and intellectual asset strategy. A rigorous strategic plan can be a tool for risk management and value creation, both outcomes that successful Boards and leaders are charged with.
Iptium is Australia’s first IP Licensing educational programme for company leaders.