Cultivate a Culture of Creativity The more comfortable your business becomes with licensing ideas, the easier the process will be.They bewitch those around them, captivating their audience with the power of their potential.Do you recognize a great idea when you hear one or have one Entrepreneurs build their success on this very ability and seek out employees who bring unique ideas to the table.
But too few innovators and business leaders realize its possible to benefit from an idea far beyond its application in their own businesses. In fact, its possible to profit from a great idea without ever using it. They believe that the benefits of collaboration outweigh the possible risks. And as a result, theyve begun to seek out ideas generated outside of their own four walls actively and eagerly. The most talented creators and innovators cant all work in the same research and development department, can they Do you have an innovative technology youve dreamed up and think belongs in the market Maybe youre already using it in your business. Either way, licensing ideas can benefit your business in countless ways by providing secondary sources of revenue and establishing mutually beneficial relationships with other industry players. The shift in corporate culture towards open innovation has made it easier than ever to show your ideas to the most powerful and influential companies in the world. ![]() Harness the Power of Open Innovation Why wouldnt companies want your ideas Licensing allows businesses to lower their internal RD costs while simultaneously expanding their exposure to potentially valuable new ideas. Proctor Gamble saus half of its new product initiatives involve significant collaboration with those outside our walls on their Connect Develop homepage, including partnerships with small companies and individual inventors. Theyve joined thousands of other progressive corporations around the world who have begun to rely on open innovation to get ahead. Develop ideas that offer a clear benefit to the consumer, often by improving upon existing products. Then protect those ideas and begin showing them to companies that might be interested. Think Cell Fee License It UnderIf one of these companies likes an idea, the company will agree to license it under a very specific agreed-upon set of conditions. The company will pay royalties in exchange for the right to use the idea, and the more successful the idea is in the market, the more the company will pay. Some novelty gift ideas Ive had that sold for just one holiday season earned me as much as 10,000. Other ideas, like the Michael Jordan Wall Ball, continued to generate revenue ten years after my first paycheck. Licensing is an ideal venture for todays fast-paced economy because any business can start licensing its ideas with little more than a cell phone and a computer. Unlike a traditional startup, you dont need to raise capital to start licensing ideas. Licensing ideas wont distract or detract from your businesss primary responsibilities because its low-risk and undemanding. ![]() To license an idea successfully, commitment, drive, and imaginative problem solving are needed.
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