The desire to move on to other things— be it other projects, other personal pursuits, or even retirement—is a “negative” motivation for licensing.
Do you love to create, but the thrill is gone after you succeed? Now you just want to move on to the next project and let someone else deal with bringing your IP to market.
You’re not interested in the “mere details” of finding the right partner to market your IP. But jumping at the first deal that comes along because you want to “move on” is a big mistake. You can wind up “getting stuck” litigating your way out of the licensing agreement.
I once worked with a client whose late husband photographed Marilyn Monroe and left her a house full of photos. She wasn’t interested in managing the photos and jumped at “first” licensing offer from a gallery. It took her over 5 years of litigation to get the photos back.
There are lots of details to consider when licensing your IP. Turning your IP into a money-making product or service requires finding a partner with the capabilities to get it right. You don’t have to be an expert in licensing to find the right partner, but it does take time.
Here are some tips for finding the right partner.
- A quick search on the internet is a good starting point.
- The fastest ways to meet companies is at trade shows or industry conferences.
- Networking events at seminars is another way.
- Using a licensing agents and consultants are a good option, but is also the most expensive way.
Delivering your new product or technology into the hands of customers and generating royalty revenues requires it be licensed to someone who can do it successfully. Don’t make the costly mistake of signing the first deal that comes along just because you want to move on. You can wind up stuck in a lengthy legal battle trying to get your IP back.
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.