The two main activities necessary to create a licensing deal are finding a company interested in your IP and convincing them of the commercial value a license will give to them.
The goal of your marketing is to create licensing transactions. This is done by reaching the right licensing marketplace and creating a buzz – requests for information, email and phone dialog and licensing offers. The key is to communicate often and reach qualified licensing partners in the right forum.
Create a briefing document about your IP that is short, concise, and details a list of benefits and applications of your IP. Make sure it quickly establishes why and how your IP fits the licensees business. For example, if you’ve developed a new industrial cleaning technology, be sure to detail why its a better solution (i.e. faster, better or lower cost) for a company in that business. The right fit reduces the risk, and makes it more likely the potential partner will consider the licensing opportunity.
Trade Shows are one of the best ways to find and meet potential licensing partners. There are trade shows for just about every industry. You can attend as an exhibitor or visitor, and use the show to start promoting your licensing opportunity. Two sources for trade shows are Trade Shows News Network and Events in America.
Create a website that explains the licensing opportunity. Use social media to connect and build a network of potential licensing partners. Some of these include Entrepreneur Connect, Startup Nation, and LinkedIn. Focus your marketing activities on driving licensing partners to your website to get information about your IP.
Use B to B websites that target specific markets and industries (such as publishing, consumer products or software) to start conversations with potential partners. Check out tradeboss.com for a list of b-to-b sites. Post blog articles and other information about your IP and get their opinion. You learn about their interests and tailor information about your IP and how it can increase their profitability.
Online IP buyer and seller exchanges make it easier for IP owners and companies looking for IP to find each other. You can list your IP licensing opportunity, and receive inquires from companies interested in your IP. Some of these include idealasset.com, Yet2.com, IPEXL.com, New Idea Trade, and others.
Success in marketing your IP requires using all the different tools to connect with licensing partners. These include interactive communications with IP buyers, in person and on-line presentations, and providing the relevant information about your licensing opportunity in a variety of formats.
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. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges, and startup events. He’s a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.