Check out our latest Article in the September 2012 issue of Intellectual Property Magazine.
For many, moving from solicitor to salesman is not a natural step. Licensing expert Rand Brenner gives 10 tips on how to generate revenue from IP.
Licensing is often thought of as a legal process, but that is only one aspect. The other is the money making side. The licensing process transforms an intellectual property into a
revenue generating asset. As with any process, it requires knowing what to do and how to do it. Here are 10 tips on how to develop a licensing program:
1. Licensing due diligence
Being an expert about the applications of your IP is one of the first ways to be successful in licensing. You should know who the competition is, the potential market size and why your IP is the best to meet and satisfy that market demand. Understanding the size of the market for the IP being licensed is an important indicator for sales potential. For example, a new product invention in the early stages of its life cycle will be experiencing strong annual growth, have few competitors and higher margins. Conversely, a product category with slower annual sales growth usually indicates a more mature point in its life cycle, so it would have more competitors and smaller profit margins. The more homework done upfront, the more time and resources saved down the road.
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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.