The process starts with researching potential licensees. Sometimes this is a tricky process. For example, if you’ve developed a new break-through technology that requires creating a market, finding the right type of partner is not exactly straightforward. If your IP is an incremental improvement to a current product or technology, you’ll know exactly who to go to.
In one case, one of my clients developed a fried food cooking technology that reduced the fat content. Researching and contacting companies took about 3 months to figure out which ones were the right ones. Initially I targeted fast food companies, only to find out later, the right candidates were the food production and supplier companies.
Finding the right licensing partner is one of the most challenging and time-consuming. But it doesn’t have to take months and years. The key to quickly finding the right partner is knowing where to look and how to qualify them. The Internet is a good starting point for doing a first search. Trade shows are a great opportunity to meet a lot of potential licensees. You can also read trade magazines for a specific industry, such as apparel or toys, and learn about potential candidates. One of the best ways is through word-of-mouth networking at seminars, conferences and trade shows.
Landing your first licensing partner is like looking for a job. The search is a process requiring you to gather a finite amount of information and make a finite number of contacts before you find the one that works for you. But there are a number of tricks to make it easier. That’s why I’m hosting a free webinar and coaching clinic, Landing Your First Licensing Partner, on Wed. May 2nd at noon PDT.
During this event, you’ll learn more about the best sources for finding a partner and what to look for when researching them. You’ll learn about the best ways to pitch your licensing deal, and how to increase your odds of getting a company to respond to your licensing opportunity. There will be an open Q&A session, where I’ll answer your questions about finding a partner for your specific type of IP.
This is a free webinar and coaching clinic event to help you land your first licensing partner. And as a thank you for participating, you’ll receive two free “finding partner” eBooks and a recorded copy of the complete webinar and coaching clinic.
Click here to register for this free event.