Rethink Your Thinking about IP
Written by Shadley Grei
“Intellectual property is the oil of the 21st century.”
Pain Point: How can we leverage our existing IP to unlock new revenue streams and market opportunities?
Big Solution: Conduct an Intellectual Property Audit and Develop a Comprehensive IP Monetization Strategy
Fast Solution: Identify Low-Hanging Fruit Opportunities for Immediate Monetization of IP Assets
Companies are constantly reminded of the value in creating intellectual property (IP) and proprietary frameworks for maximizing opportunities and staying competitive. But many companies focus on creating fresh elements, overlooking the hidden potential in assets already in-house, gathering digital dust.
Imagine: a white paper buried on the company website could easily transform into an engaging online course. A company's catchphrase might be the perfect branding opportunity for a line of coffee mugs. The CFO's unique financial insights could lay the groundwork for a bestselling book.
When it comes to analyzing your content for opportunities, the most overwhelming part can be knowing where to start. The concept of intellectual property itself can feel broad and intimidating, so let’s start with a shared definition.
According to Merriam-Webster, intellectual property is defined as “property (such as an idea, invention, or process) that derives from the work of the mind or intellect specifically: an intangible asset that is a product of human intellect.” Beyond that, legally monetizing intellectual property requires its utilization in commerce and protection under law, typically through patents, copyrights, trademarks, or trade secrets.
In short, original ideas you legally own.
Here’s a list of intellectual property elements that are often overlooked:
Internal Processes and Workflows
Customer Data and Insights
Brand Assets
Employee Knowledge and Expertise
Software and Algorithms
Research and Development (R&D) Findings
Content and Creative Works
Business Models and Strategies
Partnership Agreements and Contracts
Customer Relationships and Networks
To unearth these hidden treasures, consider undergoing an Intellectual Property Audit. An outsider's perspective can often reveal opportunities that are overlooked due to their familiarity. Armed with these insights, crafting a tailored IP monetization strategy becomes more achievable, guiding you towards unlocking the full value of your IP assets.
An example: A mid-sized tech company conducts an IP audit and discovers that its internal training manuals, which were previously only used for onboarding new employees, could be repurposed into a comprehensive online training program. This new offering generates an additional revenue stream and positioned the company as a leader in industry-specific education.
Take Action: As a more immediate and DIY exploration, you must commit to viewing all assets through the lens of opportunity. If you struggle with doing this, here’s an exercise to get you started.
Using the list of IP elements above, make a list of an in-house example for each. Next, take each example and compare it to this list of monetizable IP avenues:
Licensing agreements
Franchising opportunities
Product sales (e.g., merchandise, software)
Subscription-based services
Royalty agreements
Joint ventures and partnerships
Consulting services
Online courses and training programs
Brand sponsorships and endorsements
Content creation (e.g., books, articles, videos)
With each comparison, don’t ask yourself, “Is this possible?” That limits the thinking to Yes/No. Instead, ask yourself, “How is this possible?” Doing so, invites the brain to find solutions rather than limitations.
In the quest for new revenue streams, it's easy to overlook existing proprietary elements. But by embracing a mindset of curiosity and collaboration that inspires you to rethink your thinking, you might just uncover a goldmine right under your nose.
About the Author: Through Grei Matter, strategist Shadley Grei has helped a wide range of clients turn ideas into action, from local thought leaders writing their first book to media industry powerhouses like Disney, Conde Nast, and Hasbro. With a focus on narrative-driven innovation, Shadley excels at fostering strategic collaborations and driving growth.
