How to Create Licensing Partnerships
Companies don’t license ideas; they license money. In this course, you’ll learn how to find licensing partners for your IP, including showing them how your IP fits in with their business and why it’s worth their time.
You’ll learn to develop your IP’s marketability (value) and how to showcase it in your licensing presentation. You’ll learn why you have to know some numbers about cost, pricing, and profit margins. Although this requires a little research on your part, you’ll learn different ways to do that.
Once you’ve had a successful presentation and a company is interested, then you’ll both enter into negotiations to determine the licensing agreement itself. During the last part of this course, you’ll hear how a licensing agreement is structured, six of the essential licensing terms, and the steps you take to finalize a deal with your partner.
What Will I Learn?
- Why identifying what kind of IP you have – benefits vs. solutions, needs vs. wants, cost vs. profitability, and commodity vs. innovation – will determine what type of licensee to go after and how
- How to “seed the market” by testing your IP to demonstrate real-world success and ways to gather quantitative data
- All about the sell sheets, prototypes, and other tangibles you’ll need to bring to a presentation
- Some examples of what I've done in the past to demonstrate how an IP can be applied to a potential licensee’s existing products to “show them the money.”
- The exact criteria that make up a good presentation
- How your research and hard work will pay off in the negotiating process
- Why you’ll want a win-win agreement that makes for a long-term collaborative relationship – and how to do that without being a doormat
- The flexible points of a licensing agreement, determining how hands-off you want to be, and why a bad deal is worse than no deal at all
- All about royalties, the myths surrounding them, and specific amounts you can expect to receive