The 5 Biggest Licensing Mistakes and How to Avoid Them
Your first licensing deal is the most important. Get it right, and you’ll make a lot of money. But if you get it wrong, it can cost you a fortune. Find out how to avoid the biggest mistakes that cost you time, money, or worse, your IP rights.
Why you have to make sure to do your homework about potential licensing partners and who they are.
The right questions to ask and what good and bad signs you’re looking for in a good licensing partner.
The tell-tale signs of whether things could “go south” with any potential partner.
How to avoid the trap of getting excited to do your first deal and giving away too much so you can get the deal done.
The 3 rights you must never ever give away recklessly.
The importance of knowing what you will and won’t before you even start talking to potential licensees.
Why schedules, benchmarks, and deadlines are critical to the progress of your deals.
Why it’s a red flag if a potential partner says, “We’ll figure that out later” and what to do about it.
Why some flexibility is important even though the agreement shows how things will happen.
How to avoid partners using your IP in ways you haven’t approved.
Why quality and approval procedures must be in place and regularly maintained.
How to protect ownership of derivatives or improvements of your IP with licensing partners.
Why you must keep track of your licensees’ activities.
The 2 most basic royalty reporting requirements you must have – when they report to you and what they report to you.
How deductions can bring your royalties to zero and how to agree on what deductions are allowed or not.