The fastest way to get a licensing deal is to make sure you’re taking the right steps. But most people wind up frustrated because the fail to follow the licensing process.
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.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges and startup events. He’s a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.