Are You Licensing to Move On to Your Next Project?

March 21, 20160 Comments

The desire to move on to other things— be it other projects, other personal pursuits, or even retirement—is a “negative” motivation for licensing.

Do you love to create, but the thrill is gone after you succeed? Now you just want to move on to the next project and let someone else deal with bringing your IP to market.

You’re not interested in the “mere details” of finding the right partner to market your IP. But jumping at the first deal that comes along because you want to “move on” is a big mistake. You can wind up “getting stuck” litigating your way out of the licensing agreement.

I once worked with a client whose late husband photographed Marilyn Monroe and left her a house full of photos. She wasn’t interested in managing the photos and jumped at “first” licensing offer from a gallery. It took her over 5 years of litigation to get the photos back.

There are lots of details to consider when licensing your IP. Turning your IP into a money-making product or service requires finding a partner with the capabilities to get it right. You don’t have to be an expert in licensing to find the right partner, but it does take time.

Here are some tips for finding the right partner.

  • A quick search on the internet is a good starting point.
  • The fastest ways to meet companies is at trade shows or industry conferences.
  • Networking events at seminars is another way.
  • Using a licensing agents and consultants are a good option, but is also the most expensive way.

Delivering your new product or technology into the hands of customers and generating royalty revenues requires it be licensed to someone who can do it successfully. Don’t make the costly mistake of signing the first deal that comes along just because you want to move on. You can wind up stuck in a lengthy legal battle trying to get your IP back.

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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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