In the age of the internet, one of the most important tools for licensing is a web page or website featuring your IP and details about the licensing opportunity. For licensees, it’s one of the first places to find information quickly about the IP. It’s vital marketing tool that generates qualified leads and ultimately licensing deals.
A licensing website can speed up the deal making process. It is an efficient way of providing all timely information about the IP which means less time spent updating the potential licensee about the IP. A licensing website also explains how the licensing process works, who to contact and what forms to fill out.
If your IP is complicated or is often updated with new designs or additions, a website is the best and fastest way to keep your licensing information up to date. I had a client whose IP was a new frequency technology used in the non-medical treatment of stress, post surgery recovery, addiction and a host of other types of physical and emotional issues. They had reams of research data (both in written and video format) with new reports coming out weekly. And the details on the use and applications of the IP was extensive. Sending (and updating) this information to each potential licensee would have added months to the licensing process. They set up a website that made it easy to give licensees the latest information quickly. It significantly reduced the time to educate each licensee about the IP, and helped us close licensing deals in a much shorter time period.
Licensing is marketing and the licensing website is s a marketing communications tool. It’s created with the licensee in mind. For example, if you invented a new toy the audience would be toy manufacturers. The website provides all the information a toy company would be interested in knowing, such as how the toy works (i.e. videos or animation), who is the target market (boys, girls, toddlers, etc) the status of any testing or sales, and what rights are available for licensing. Include any news articles, product reviews, presentations, blogs and customers reviews.
A licensing summary includes all the important points about the IP and licensing opportunity. This summary should include the following:
- One-paragraph introduction to summarize the story
- List of benefits
- List of how your IP is used or applied
- IP details section
- Why it is better than competitive technologies
- Supporting information such as its status (development or in the market)
- Links to published information
- Call to action/contact information
Once your licensing website is up and running, social media outlets, such as Facebook, LinkedIn and Twitter can play a big part in your licensing initiatives. Tweeting test results or live updates from a trade show is one example. Through newsletters and blogs, you can create an ongoing dialogue with and get feedback from customers or product innovators. A large fan or customer following can make your IP much more appealing to licensees.
Once the licensing webpage is online, watch feedback from visitors. Update questions about more information or clarification on the webpage right away. The licensing webpage is a dynamic marketing tool, and keeping it updated with timely information is an important part of the licensing process.
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.