To succeed in licensing requires more than just showing your latest invention or technology to a potential partner. If you don’t do it the right way, you’ll wind up spinning your wheels. So here’s three simple steps you can take to make the licensing process easier.
Step 1: Make sure your IP is ready for licensing. Getting a patent or registering a trademark does not make your IP ready for licensing. You need to take the time to test it and show that it works and customers will buy it. If not, you won’t be able to show why it’s valuable for a partner to license. Unless your IP is a market changer or an exceptional new technology, most companies won’t spend the time and money to prove your IP
Step 2: Do your homework and research the market to find businesses that are right for your IP. Then you need to dig down and find out if they look for outside inventions. If they do, add them to the target list. If not, don’t waste time contacting them. They won’t respond.
Step 3: Prepare a very brief summary of your IP – what it does, how it works, and why it solves the big problem. Make it short and to the point. Nothing puts off a potential partner more than having to wade through a long email or document just to try to figure out what the IP does. Remember their first priority is running their business, and if you don’t make it simple for them to quickly understand your IP and the licensing opportunity, they won’t be interested.
Licensing is not a complex process, but it does take time and requires following certain steps to make it happen. While these are only part of the licensing steps in the process, they are some of the most important and will go a long way to helping you get better results with your licensing activities.