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Mike Dunn, co-founder, Octane5, highlights the vital role technology has played in helping companies in licensing overcome the huddles of 2020.
October 5, 2020
As the world has stuck closer to home in 2020 because of COVID-19, technology has become a more central part of our lives both professionally and personally. This trend towards tech-focused business has been growing in the licensing sector for years but the pandemic has certaintly accelerated its use for daily work. Ahead of this year's Festical of Licensing, License Global spoke with Mike Dunn, co-founder, Octane5, to better understand how licensing industry players can leverage the current situation to their benefit, using software like BrandComply to better understand the industry.
Octane5 will appear at Festival of Licensing, a month-long large-scale digital gathering that unites the global licensing industry to connect, learn, strike deals and do business on an international stage. The event takes place Oct. 6-29. Register for free now!
Dunn: I am Mike Dunn, co-founder of Octane5. Octane5 is probably best known for our flagship product, BrandComply. But as a team, we are really focused and dedicated to empowering brands to improve the world. We work with the world’s leading brands to deliver compliance throughout their licensing lifecycle – from contract to consumer. We achieve this through a suite of licensing technology and THREADS currency-grade authentication hang tags and labels, combined with a robust consumer engagement platform.
We bring 360-degree visibility into a brand’s entire licensing lifecycle. We then layer reporting and analytic tools to deliver actionable information, key insights and trends to their business. Ultimately, this leads to the highest level of compliance, protection and better decision-making for their brand.
Everyone working remotely is definitely the biggest disruption that we are experiencing. Obviously, those brands that have solid processes and licensing management system are better off. I would say that counterfeiting was growing rapidly for the licensed product market, but the pandemic gave it a shot in the arm. Pardon the pun.
D: The largest trend I am seeing across every brand we encounter is the idea of being ‘data driven.’ This term is popping up a lot more. Obviously, technology allows for a ‘data driven’ approach to licensing, but everything leading up to that data is critical, and often overlooked. We all know the term garbage in, garbage out. Sadly, without good, consistent processes, the data will suffer. Again, technology has a role to play in that consistent process, but teams need to be diligent and management must be unwavering in supporting that goal so they can get the data they need. This will be even more difficult when everyone is remote.
I just want to add some thoughts about a silver lining to everything going on this year. We’re all being forced to find new ways to adapt, and I’ve been really impressed at how our industry has responded. Whether it’s events moving online, adapting changing retail models or the work Licensing International has done with their Global Grants Fund to help struggling firms, our industry is responding in new, creative ways, and we’ll emerge stronger as a result.
License Global is the leading news source for the brand licensing industry, delivering award-winning editorial content including news, trends, analysis, and special reports about the global consumer product and retail marketplace.
Through its print edition, website, daily e-newsletter and event publications, License Global reaches more than 150,000 executives and professionals in all major markets. The magazine also serves as the official publication for the sector’s trade events, which include Licensing Expo, Brand Licensing Europe, Licensing Expo Japan, Licensing Expo Shanghai and the Licensing Leadership Summit.
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