184. From IP to Income with Sharon Toerek

The Innovative Agency

Intro

The most valuable thing you have within your agency’s inventory is the intellectual property you create. With the right strategy — your team could turn your IP into a standalone revenue stream(s). Agencies are creators — and because of that — agencies are IP generators every single day. In my opinion, agencies often overlook this because their business model tends to focus on monetizing the production — doing the stuff. But — I believe agencies can flip that script because the ideas and the way they get expressed in the strategies you develop for clients, the brands and campaigns you build — or whatever it might be — that’s where the real money could be for the agency.

If you’re looking for new ways to think about profitable revenue streams for your agency in 2023 and beyond — then this is the episode you don’t want to miss.

I break down what I call the “IP Triangle” so you can take and apply all the steps to make going from IP to Income in 2023 possible.

What you will learn in this episode:

• Why more than 50 percent of all agencies overlook the value and potential revenue streams their IP could represent
• How to use the “IP Triangle” to inventory the intellectual property that you most likely already have inside your agency
• How to harness all of the “gold dust” that’s being scattered around every day within the walls of your agency and turn it into a highly profitable revenue stream
• How to protect your portfolio of trademarks, taglines, product and system names, etc
• How the value of your IP directly impacts the valuation of your agency

Bio

Sharon Toerek is Principal of Toerek Law, where she focuses her law practice on helping professionals in the advertising, marketing, and creative industries monetize their intellectual capital and manage the legal risks of their work. Sharon provides proactive, strategic counsel to marketing agencies on legal issues they continually face in their work, including agency-brand contracts, social media, content marketing legal compliance, and trademark and copyright protection.

Sharon also created the Legal + Creative Agency Protection System, a subscription-based legal toolkit for marketing agencies.

In 2018, Sharon launched The Innovative Agency, a podcast on innovation for marketing agency leaders.

Resources:

• Website:https://www.legalandcreative.com/
• LinkedIn: https://www.linkedin.com/in/sharontoerek/
• Twitter:https://twitter.com/SharonToerek