A big part of finding licensees is getting the word out about your intellectual property. One of the fastest ways to get the word out is through on-line PR distribution sites. It’s an easy no and low-cost strategy you can start using now.
Keep in mind, it’s not always the best IP that gets the most licensees…it’s the best promoted. You have to reach out if you want to connect with licensing partners.
Let me share an example from the entertainment industry of what PR can do for your IP. When I was at the studio licensing one of the most popular kids TV shows, there was a competitive kids show that was launching. It was weak, but they continuously released “news” about the show – when it was launching, what it was about, new licensees signed…basically anything that was happening with that property.
It was picked up in trade and licensing magazines and they created a licensing buzz. Because manufacturers were constantly hearing about the property, they got a lot of interest and the PR helped them get dozens of new licensing deals.
Most of the sites offer templates to create your PR release. Just follow the template and plug-in your information. Create a series of updates and announcements about your IP, and distribute them weekly or monthly. Be sure to include a link to your website, and include photos, descriptions and video presentations about your IP.
Remember, the trick is to communicate continuously with your potential licensing partners. You’re creating a dialog. Dole out your licensing information in small intriguing bits and pieces. Give potential partners a reason to contact you. The more you keep the PR dialog going, the more likely it is you’ll find a licensing partner.
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.