Blog ➥ Category

Published December 3, 2023

Catherine Cavella, ESQ.

So, you’ve got that brilliant idea, but you’re not content with the traditional routes of building a business, licensing, or outright selling. It’s time to think outside the box and explore innovative ways to transform your concept into a profitable venture. In this blog, we’ll provide you with six brainstorm session starters to help you generate fresh and creative ideas for monetizing your innovation.

 

1. Industry Expansion Exploration

Start by thinking about how your idea can extend beyond its initial application. Challenge yourself to brainstorm industries, products, or companies that might benefit from your innovation.

Example: If you’ve developed a revolutionary app for managing personal finances, consider how it could be adapted for small businesses, educational institutions, or nonprofit organizations.

 

2. Cross Border Licensing

Delve into the global market by exploring international licensing opportunities. Identify countries or regions where your idea could thrive but you lack the resources or presence to operate effectively.

Tip: Research the patent requirements in these regions early on to ensure your idea is protected.

 

3. Transform it into a Career

Turn the spotlight on yourself. Position your innovation as the key to landing a dream job in an industry you’re passionate about. Showcase your creative problem-solving skills and how your idea addresses specific challenges within that industry.

Tip: Craft a compelling narrative that demonstrates the value you’d bring to the company as an innovator who understands their unique needs.

 

4. Partner Up for Success

If you’re not interested in handling every aspect of your idea’s development or marketing, consider teaming up with a like-minded partner or a company that complements your skills.

Tip: Ensure your partnership is backed by a clearly written contract that outlines responsibilities, rewards, risk-sharing, financial commitments, and contingency plans.

 

5. Explore Unconventional Licensing

Think about unconventional ways to license your idea. Consider offering a limited-time exclusive license or a non-exclusive license with attractive terms to multiple companies within an industry.

Tip: Don’t forget to secure patent protection to maintain control and maximize your idea’s value.

 

6. Tap into Litigation Market

Intriguing as it may sound, some companies buy patents purely for litigation purposes. Research potential buyers interested in acquiring patents for defensive positions in patent infringement cases.

Tip: Be aware of patent troll companies (Non-practicing entities or NPEs) that buy patents and aggressively pursue infringers.

 

When you’re exploring creative ways to cash in on your idea, it’s essential to approach brainstorming with an open mind. These six session starters are designed to spark your imagination and guide you towards innovative monetization strategies. Remember that protecting your intellectual property is paramount, so consider patents, trade secrets, or other safeguards as you navigate these less conventional paths to success. Your idea has untapped potential, and with the right brainstorming and strategic thinking, you can unlock its full value.

 

For more information on patents, trademarks, trade secrets or copyrights, as well as resources for startups, go to www.ipworkslaw.com

The following two tabs change content below.
Since 1992, Catherine Cavella, Esq. Her focus on Trademark Law and Copyright Law for the last few decades gives her deep insights into the fundamental principles behind the rules. Catherine regularly writes about new developments in trademark law, copyright law, and internet law.