Leveraging IP: The Formula for Success

What makes a character property a licensing success? There is no specific formula, but there are a number of characteristics that can make it a successful property.

The first is characters and a storyline that resonates well with the viewer. In the case of kids, it lets them extend the characters into their own play activities, such as dressing up like the characters, or recreating the storyline in some form, such as collecting the characters.

 

Exposure is one of the most important things that makes a character licenseable. Movies and TV shows are concentrated marketing that exposes the characters to millions of viewers. It drives the potential for a big merchandise hit because these forms of media generate significant consumer exposure. The internet and digital technologies such as virtual worlds, online games, apps and social media sites offer options to traditional media for creating market recognition.

 

The viewer needs to have an emotional connection with the character. They are able to create a bond between themselves and the character. A good example of this is Snoopy. People relate to his alter egos and hidden talents, or Homer Simpson and his perpetual mid life crises.

 

Does the character share an interest with the viewer? This could range from planes and trains to fashion and make-up. The character itself can even become the object of association - for example, people who like cute/whimsical may be drawn to licensed characters such as Miffy, or kids who like trains are attracted to Thomas.

 

It really helps if the character is loving, nice and witty - all the same reasons why you may choose to be friends with a person. Successful characters such as Winnie the Pooh, is crying out to be loved, which is its main appeal.

 

While nothing is a sure thing, keeping these characteristics in mind when licensing a character property offers the best possibility for success at retail.

Strategy Session: Is IP Licensing in Your Business Plan?

Intellectual property are important business assets and should be a key part of your business plan.

To attract investors, a business plan must include information on the potential demand for the products or services, advantages over its competitors, and the steps taken to protect the proprietary IP rights. It should focus on how the company plans to protect, manage and leverage its intellectual property assets for business success.

 

For many businesses, intellectual property is the foundation of their competitive advantage and success. This includes confidential business information such as details of production, inventions, and technical, financial and marketing know-how. It's essential to clearly communicate to investors that the startup has taken the necessary steps to secure its IP. Depending on the nature of the IP, if disclosed in the business plan, then steps should be taken to provide the business plan under a non-disclosure agreement.

 

Business plans are a crucial tool for approaching investors. Because IP provides your enterprise competitive advantages and increases its value, it is necessary to let investors know about your IP assets by integrating them into your business plan. Sophisticated investors look for a sustainable competitive advantage when evaluating a business as a potential investment.

 

Licensing others to use your IP also can fuel the growth of your start-up business. Licensing is the tool to leverage OPR - other peoples resources. Your startup business can get the benefit of your licensee's manufacturing and distribution facilities, and/or sales and marketing efforts without having to spend the time and money to develop them on your own.

 

Licensing is a powerful tool for leveraging IP assets, and you can generate significant ongoing revenue to help grow your business using it. Your approach to making the most of your IP can be a significant factor when potential investors and/or co-venturers consider investing in your company.

 

Licensing can serve a real purpose in your efforts to fund your business. You maintain a competitive advantage while at the same time making money by permitting others to use your IP.

 

 

Join me and Mitch Axelrod, co-founder of the IP Licensing Academy, for an exciting discussion on how to use your IP to significantly multiply your business value. Discover why IP is your most important business asset, how licensing IP increases revenue and company value, and why IP is now a key component of buying or selling a business.

 

Click Here to View the Webinar   

 

 

About the IP Licensing Academy

 

Whether you are new to the IP money making game, or an operating business that's ready to leverage your IP assets, the IP Licensing Academy gives you the expertise, knowledge and resources to successfully transform your IP into money making licensing deals.

 

Visit the website and get the free "Licensing Essentials" audio seminar. Find out why IP is the next big money making opportunity.

   

When preparing or reviewing a licensing agreement, it's always best to seek qualified legal advice before you sign anything. 

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IP Business Builder - The strategic use of intellectual property can substantially enhance the business development and competitiveness of your business from product development to product design from service delivery to marketing, and from raising financial resources to expanding your business internationally. Click here for more details. 
 

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