Are You Facing a Lifetime of Royalties or Lost Income Opportunities?

April 26, 20170 Comments

Your intellectual property is a bundle of rights that can be licensed in many ways. Licensing your IP to several industries, or for different products, or to a single licensing partner are each different strategies. The right one will multiply your royalty revenues. But the wrong strategy locks up your IP and costs you more than lost revenues.

Using the right strategy saves problems down the road. For example, you license out rights with broad distribution channels, only to realize later on an opportunity to license another company.   The problem  is you can’t license this new company because your current licensee has all the distribution rights.  And to get the rights back, you’re licensing partner wants compensation (or other rights) to give up the distribution channels. Now you’re prevented from licensing your IP, and worse, it ties up a number of distribution channels not being exploited by your current licensee, costing you new revenue opportunities.

To be successful you must start with a licensing plan and strategy detailing what and how you will license your IP. Your strategy details your licensing options – the different ways you can license your IP.  The licensing plan details the steps you’ll take to move from point A to B.  For example, you may decide as a strategy to license your new invention to several companies in different markets, such as toys and gifts. Your plan then identifies which companies are best suited and what steps you must take to license it to each of them.

Your licensing strategy includes details about your IP rights, how they will be licensed, who’s the right type of licensing partner, how you’ll market and promote it and what are the key deal terms. To help you get started here are 3 key questions:

  • What is your IP and how does it work?
  • What IP rights are you licensing?
  • What kind of information will you offer?

Your licensing strategy guides you in figuring out the right licensing options for your IP.  Keep in mind you may use more than one strategy to maximize your income opportunities.  But without a strategy, you can wind up giving away rights, missing income opportunities or worse, signing an agreement with the wrong kind of licensing partner.

These are only 3 of the 15 critical  questions from the Licensing Strategy Creator Questionnaire. It’s one of the core tools inside the Licensing Toolkit, a one-of-a-kind resource that gives you the how-to steps and time-saving shortcuts to get your licensing program in motion and put your IP to work making money for you.

The Licensing Toolkit is the only resource of its kind that teaches you the five essential tools for licensing success. With the Licensing Toolkit, you’ll avoid the biggest licensing mistakes and take the right action to create money-making licensing deals with your IP.

Click here to get the Licensing Toolkit.

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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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