Leveraging Your IP – 6 Step Licensing Strategy

 

Build Marketability

Whether you are an inventor with a market ready intellectual property, or a small business looking to leverage your IP assets, the starting point of your licensing process is creating a licensing strategy. The bottom line to a good licensing strategy is that it convinces a potential licensee to license your intellectual property.

Here’s a quick 6 step outline of how to create a licensing strategy: 

  1. Secure IP Rights -These are either registered (i.e. trademarks, copyrights or patents) or unregistered (i.e. formulations, trade secrets, or knowhow) property rights.
  2. Develop Prototypes or Identify Product Categories – Build a working prototype or if your IP is a trademark, examples of appropriate types of products (i.e. shirts, toys, posters, etc).
  3. Build a Track Record – Test marketing, market research, and customer sales info are key to convincing potential licensees.
  4. Research Potential Licensee – Internet search engines (Google, Yahoo), trade associations (i.e. Apparel, Toys, etc.), and manufacturing databases (Thomasnet.com, Hoovers) are good starting points.
  5. Define the Licensing Relationship – These are the key licensing terms and conditions, including IP rights, licensee use and performance milestones.  
  6. Create a Licensing Presentation – Summarize steps 1 – 5 and make it compelling. 

Rand Brenner Administrator
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies.

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