Business Failure Doesn’t
Always Equal IP Failure

IP News and Information

How do you measure success? There are many ways to look at success and what one person calls a success might be considered a failure to someone else. The same is true for many companies. While one company might measure its success simply by its bottom line, another company could consider itself successful because of the influence it yields in its particular industry, even though its bottom line might not be as positive as it would like. It’s also true that a business or a business idea can lose a lot of money and ultimately fail, but still be a success. How is that possible?

Good Ideas Are Still Good

Not every great idea turns into a successful business, but that doesn’t mean the idea was bad. Likewise, it also means that that great idea could still be very valuable under the right circumstances. In addition, other ideas or inventions never even reach the marketplace. So what about all those great ideas that don’t become a successful business; how can they still be considered a success? The answer is IP monetization. In fact, if you play your cards right you can actually monetize your business failures quite well and still make a profit.

Think Monetization

Some inventors, while they might be incredibly innovative, still don’t have any business acumen. However, they can still monetize their great ideas by obtaining patents and then using those patents for commercialization purposes. There are several ways to do this, including selling or licensing their inventions to other companies or individuals who might be better at using these inventions successfully in their business. Another possible way to monetize intellectual property is via litigation. While holding patents for the sole purpose of filing lawsuits is definitely frowned on, there are legitimate reasons to file lawsuits against those who infringe on patents.

It Can Be Done

The country is full of companies that could not obtain commercial success, but many of those companies still accumulated a nice patent portfolio along the way. By using that portfolio to their advantage some of these companies have found incredible success. Other companies have found it difficult to keep up with the ever-changing technological advances, including some very well known companies, such as Kodak, for example. By utilizing its IP, Kodak was able to not only successfully sue other companies for using its patents, but it was also able to increase its total value as the company filed for bankruptcy.

Success Comes in Many Forms

No one wants to go into business and fail. However, startups area a dime a dozen and there are more businesses that fail than there are that succeed. That being said, an unsuccessful business model or poor business execution doesn’t have to mean the end of a good idea, especially when that idea is backed up with a patent. There are still opportunities to turn that idea into a successful moneymaker. It takes the right plan and it takes finding the right circumstances, but there are opportunities to monetize and commercialize your ideas. If you have intellectual property that you want to monetize then IPTrader can help you find the right partners to be successful. Even if your original business model didn’t take flight, you could still be able to profit from your IP. Contact us to learn how.