How to: make your intellectual property a success
Finding the right intellectual property isn’t a simple endeavour. It takes time, money and manpower – and if you make a wrong bet, you could fall into complete financial insolvency.
Entrepreneurs like Richard Branson or Alan Sugar have become success stories partly because of their ability to hunt for the perfect intellectual property and make it their own. Once they’ve found the right IP, they market it aggressively, convincing people that this new product will make their lives inconceivably better.
Yet while the Bransons and Sugars of this world have a keen eye for IP, not everyone fares quite so well. Everyone has their stories of failure in business, especially where patents are concerned. These old war stories are what helps a businessperson develop, but few people would want too many of them.
With that in mind, we’ve come up with a few tips to help you out as you search for the perfect intellectual property. So take a look and start your search!
Diversify your product
There are millions of products crowding almost every market. Combined, they could perform potentially any conceivable task. There are no new ideas, a cynic might argue, but there are always effective ways to put a new spin on those well-worn mainstays.
Let’s take one high profile example. Tensor, the international adhesives company, really only make one product. They produce high-quality adhesives that can stick to any substrate, and they’re very good at their job.
But similar products can be used in a variety of ways. So, for instance, a fabric spray adhesive is essentially the same as other products, but they’ve differentiated it by refining the adhesive for a specific function.
This is the trick of any good business – make your core product a high quality and put a great spin on any of its variants. That initial investment will pan out perfectly.
So many IPs on the market are diluted to the point of pointlessness, turning a previously strong product into something homogenous and unsaleable. This is partly thanks to a number of factors, not least when a product is tampered with by a large committee. Too many cooks spoil the broth, as they say, and the purity of your brand will be ruined.
Know your IP inside out
Understanding every facet of your IP is vital to its success. Without in-depth knowledge, you won’t be able to discern your target demographic, your advertising or how to turn your product into profit. Essentially, you’ll be like a three-legged dog hobbling around a greyhound track. So research as thoroughly as you can.
Got any tips of your own on how to make your IP a success? Then let us know!