Most people have a lot on their plates and just don’t have the time to read all the information they get. And you don’t have the time to meet with every potential licensing partner in person.
Creating a video is one of the most powerful tools you can use to present your licensing opportunity. You can produce these videos yourself for no cost using your computer, some video software and a video camera.
A video lets you show your intellectual property in both visual and audio format. For example, you can show your IP in its finished form, whether that is a product, services or technology, and show what it does, how it works, what it looks like and most important, how it makes money. But don’t be just a “talking head”. Licensees want to see your IP. If you’re showing how it works, make sure the product or technology is the star of the show.
If your IP is still in development, you can show pictures, diagrams or animation. Include information about the market potential, what problems it solves and benefits it offers to both the licensee and to end customers. PowerPoint is a great tool for this. But don’t weigh it down with too much text. Record a short narrative for each slide, set up the slide timings to advance automatically, then save it as a video.
Customer testimonials are also great. Nothing is better than showing potential licensing partners customers who are ready to buy. One of my clients invented a new tie-down (bungee) cord product, and they created videos to show all its different applications, such as securing construction materials on a truck, or securing gear in a boat or plane. They posted these on their website and other video sites. They also asked their customers to show how they use the product, which generated some terrific product testimonials. These videos were instrumental in getting a deal with a licensee in Europe.
Keep your videos short – no more than 10 minutes – and to the point. If a picture tells a thousand words, a video tells millions. It’s one of the best ways to present your licensing opportunity.
Remember, the better a potential partner understands your IP and how they can make money with it, the more likely it is that they will license your IP.
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.