An IP in Motion Makes Money

February 3, 20160 Comments

I’m always amazed when I ask IP owners what they are doing with their intellectual property. Most of the time, the answer is nothing. If you don’t start the race, you’ll never finish.

A number of years ago I met a gentlemen in a restaurant. When he learned I did licensing, it suddenly struck a cord with him. He’d been sitting on a new trading card technology and didn’t know what to do with it. Since he had mentioned he was a soccer fan during our discussion, I suggested he license well know soccer teams. He quickly brought me on-board, and I helped him license the rights to use several European soccer team logos and player images on his trading cards. These licenses also opened the door to distribution opportunities, and he was able to get his trading cards placed in several big retail chains throughout Europe.

Awareness about what have and what you can do with your IP is often the trigger for action (I discussed this in the previous article on IP Awareness). Here’s one of the easiest first steps you can take to get your IP in action. Create an IP Inventory so you know what you have. Keep in mind your IP includes more than just your products, services or brand. It also includes your know-how, expertise, customer information, software source code, business models, databases, operations manuals, professional expertise and much more.


Licensing Partners Don’t License Ideas….They License Money.

Your goal is to get a partner interested in licensing your IP. But if you don’t give them the right information in the right way, they’ll walk away. If you are unsuccessful in licensing, it may be a timing issue, but more than likely, it’s lack of preparation and a poor presentation that did you in.  But how do you provide your information in a way that doesn’t put off a licensing partner? It’s called a Licensing Profile One-Sheet, and it’s one of the 5 core tools inside The Licensing Toolkit. This simple one page “fill-in-the-blanks” template lets you quickly create a summary of your licensing opportunity, and it’s the first information you’ll send a potential licensing partner. Click here to get The Licensing Toolkit.


 

Once you know what you have, you’re ready to take your next action steps. This includes developing a licensing plan, building your IP value, finding potential partners, creating an IP profile, setting up a web page and any number of actions steps you must take to develop licensing deals.

The first step to taking action with your IP can be intimidating. But don’t let your lack of knowledge or understanding stop you. The most important action you can take is to get into action.

Remember, an IP in motion makes money.



 

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About the Author ()

Rand is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.

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