Licensing is a process that involves a way of doing things to turn your IP into money-making products, services, and technologies. At its most basic level, licensing involves proving your IP works, and then finding a partner to license it. But there are many steps in between, and these are the parts of the licensing process that no one tells you about – what to do when to do it and how to do it.
Inside each of the steps in the licensing process are all sorts of activities and tasks (such as the registration procedures to protect your IP) that are necessary to succeed with licensing. Overlook any of these tasks (such as not doing due diligence on your licensing partner), and you can wind up frustrated, confused, or worse, facing legal action over your IP rights.
For many IP owners, it’s a question of what they know or don’t know. Many try to “rush ahead” and wind up making the same mistakes as others before them. Because they don’t know or understand the licensing process, they end up pursuing the wrong approach, sign bad deals, lose control to infringers, or not taking any action with their IP because they are scared someone will steal their IP.
Licensing is a big subject, and because the information is not easy to come by, it can be confusing. That’s why I wrote this book – to teach what the licensing process is and how to use it the right way to make money with IP and avoid the big mistakes that wind up costing you time, money, and even your IP rights. It covers the entire licensing process, from protecting IP to finding and qualifying partners, creating a “licensable” IP, what to present and how to say it, how to negotiate the best deal terms, different types of licensing agreements, key deal terms, going global with your IP, and more.
Licensing is a process that once mastered, gives you the unlimited ability to generate wealth with IP. It only takes one deal the right deal to make a lot of money licensing intellectual property. In today’s economy, you can make more money licensing your IP than making and selling it yourself as a single product or service. But the key is taking action the right way. This book teaches you the licensing process and how to use it to create a lifetime of wealth and prosperity for you, your business, and your family.