Licensing is commonly referred to as the primary source of income for copyright owners. In other words, licensing is a type of right, security, or protection granted to intellectual property. Intellectual property or IP, on the other hand, is any work or creation of the human intellect, to which one has rights, and for which one can apply for either copyright, patent, or trademark protection.
Today, many businesses consider IPs as one of its most significant assets. Though intangible, intellectual properties are known to guarantee higher income and customer conversion rates more than any tangible asset can. This is why, nowadays, IPs are highly valued and applied for rights and protection as soon as possible. More and more countries in Asia, like the Philippines, are beginning to utilize IPs more than ever, which all the more proposes the need for copyright, patent, or trademark registration.
Meanwhile, commercial licensing is a standard type of licensing option for businesses. These licenses are purchased by companies that can be used either by a single person within the organization or the company as a whole. Commercial licensing tends to ease the pressure of paying large amounts of money and prevent further administrative complications of the constant reapplication of licenses. But, how can commercial licensing affect or influence today’s (and the future’s) technology?
Reduces Risks
Applying for commercial licensing can help reduce risks and security threats involved in businesses. Since your intellectual property is legally licensed as your company’s asset, then there are fewer risks when it comes to production, development, manufacturing, testing, and distribution. How is this related to technology?
Well, nowadays, technology is a primary basis for everything. Considering that almost everything is now dependent on technology, then so should licensing. However, putting your IPs out in public, especially on the Internet, is a hazardous thing to do. But since you’ve applied for commercial licensing, then you’ll worry less about risks and security threats concerning your works or creation. You get the best of both worlds.
Accelerating Digital Transformation
Digital transformation or DX refers to the process of integrating technology and innovation to day-to-day operations. In simpler terms, digital transformation enables individuals and organizations to go paperless and rely on the digital world more.
Today’s commercial licensing helps in pushing digital transformation forward as such licenses can already be availed and processed through the use of technology. Gone are the days when you have to safe keep documents or papers that serve as proof of license. Today, you can still safe keep these things. However, it has become more manageable, so individuals and companies can feel more at ease.
Develops a New Marketing Approach
Today, different marketing strategies and techniques are continually being introduced to the market. Since commercial licensees know their market much better than anyone else, then this is an added opportunity to step up your game and develop a new marketing approach.
Nowadays, it’s marketing through technology that helps businesses generate higher profit and convert an audience to consumers. Gone are the days of old, traditional marketing strategies. Right here, and right now, it’s new technology and licensing that help organizations reach the peak of success.
Wrapping Up
In today’s modern world, it gets quite hard to keep up when businesses tend to lean towards old, traditional business processes. Technology is constantly changing and helping organizations evolve, which is all the more reason to depend more on modern [licensing and marketing] techniques and strategies. Through this, you can reach out to a broader audience and generate higher profit.