When it comes to licensing, how you say it is just as important as what you say. If you want to get a big licensing deal, your licensing presentation must look like a “big deal” licensing presentation. The best way to do this is with a story that focuses on why your IP is so valuable to a licensing partner. So here are three tips to help you make your IP look like a million-dollar licensing deal.
The first tip is creating a visual presentation that’s reflective of a big opportunity. That means using images that convey a story about the IP – why it’s valuable and how it works. For example, one of my clients developed a very complex surgical device for the spine. These types of IP often wind up as boring presentations focusing on technology and not its value. In this case, the type of million-dollar images shows their value by demonstrating their application in spinal surgery. Keep in mind, they don’t have to be your real IP, but they must show similar examples of it in action. That’s the first step to making your IP look like a million bucks.
The format or how you present your IP is the second tip to making it look like a million-dollar deal. That means presenting it in a format that is easy to show, easy to read, and easy to understand. If it’s a PowerPoint presentation, use lots of images and minimal tax. The goal of the presentation is not to get into the nitty-gritty detail but to present the big picture opportunity for your IP. The best way to do it is to keep your PowerPoint short, use images from the industry or business, and make sure those images reinforce the story you’re telling – how your IP solves a big problem or generates lots of revenue. For example, if you have a new software technology, show it being used by big companies. If it’s a new product, use images of major retailers to reinforce the idea of big sales.
The third way to make your IP look like a million bucks is showing why it’s better than the competition. One of the best ways is showing your IP next to images of your competitors IP and explaining why yours is better.. Especially if your IP can help lower their costs, limit their liability, or increase their revenues, an image that reinforces that point makes your IP look like a million-dollar opportunity.
Making your IP look like a million bucks is the first step toward getting a million-dollar deal. Make sure you’re showing your IP in big opportunities such as selling through big distribution channels, being used by big companies, or solving big problems compared to your competitor. Always keep in mind the better you show how your IP solves a big problem, the more valuable your IP will be to your licensing partner. And that’s how you make your IP look like a million-dollar licensing deal.