The key word is concise. Think of it like a resume. The IP profile is an introduction to potential licensees, and they do not have or will take the time to read the entire history of your IP. Here’s a quick format for preparing a Licensing Profile: (Ex: This IP Profile is intended to inform that the patent for PRODUCT X is available for licensing.)
- Background – Explain the basic benefits of the product.
- Milestones – What milestones have already been reached by the product, including patent status, working prototypes, current sales activity and where the product is being sold or distributed.
- History – A BRIEF history of the product, providing a short explanation of the companies or people involved.
- Product – Details including additional functions and any market research that supports the licensing opportunity.
- Customers – Who are the customers and why they buy the product.
- Licensing – General information about licensing the IP rights such as exclusivity, territories, etc.
Make sure the IP Profile looks professional and has the correct contact information including your name, telephone, email address and website. Be sure to add a page to your website titled Licensing or Available for Licensing.
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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.