Using Traditional Licensing in a New Way

Using Traditional Licensing in a New Way

Licensing is nothing new to the world of business or to big companies.  It is a successful business model in industries like toys, kitchen appliances, video games, and creative media.  Whenever you hear a popular song in the background of a commercial or see a famous movie character in a new PlayStation game, you’re witnessing at work.

 

Essentially, licensing is a way to give someone else permission to use your idea, trademark, copyright, or brand name for commercial use.  Companies use this all the time to enter new markets or earn income through a different channel.  This might be done through licensing out a successful brand or licensing a particular product or technology.  For example, well-known tech company Apple focuses on a core set of products: its computers, tablets, iPods, etc.  However, it licenses its brand name out to other companies who produce accessory products like ear buds and cases.  This way, other manufacturing firms can offer ‘branded’ Apple products, usually through Apple’s own store.  The licensing agreement benefits both parties: the manufacturer gains publicity and market share through use of the Apple name, and Apple earns a percentage of each sale of branded product.

 

I’ve taken those same licensing principles and applied them to app development.  The concept is not new – but the app licensing market is.  Many people don’t think about the possibility of licensing their app ideas to companies, but doing so has many benefits:

 

–          Little risk for you

–          Zero to low cost for you

–          Requires little knowledge of how apps are actually developed

–          Gives you the support and resources of your partner organization

–          If successful, creates a residual income for years

 

Licensing means a lot of work up front, particularly in the first six months of each project, but it can bring great rewards at almost no personal cost.  By preparing, protecting, and pitching your idea, you can partner with a great company that will develop the app for you and pay you rewards into the future.

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