Continuing to use this approach throughout much of the company’s history, Bishop strategically exploited its many licensees, taking full advantage of business partnerships and adapting contracts to suit the prevailing business environment. Bishop originally entered into exclusive licenses with various companies, a strategy which generated a high royalty return. However, as Bishop’s innovations became accepted in the industry and more widely available in the market, it renegotiated those licenses to make them non-exclusive, which allowed the SME to significantly broaden the user base of its technologies. For example, Bishop’s 2004 license agreement with Chongqing Changfeng Machinery Company Limited (Changfeng), one of the major steering gear suppliers in the People’s Republic of China (China), enabled the company to produce state-of-the-art hydraulic power steering valves for the Chinese and international markets.