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Part 1: Getting Started On An Action Plan That’s Right For You, Developing an Intellectual Property Mindset, and finding resources without financing.
One of the most powerful tools for leveraging income and creating multiple revenue streams is by licensing intellectual properties. An intellectual property is an innovative product or service you’ve created that you can license out to third parties to generate income for yourself.
Obviously, one of the first steps in the process of licensing an IP is obtaining a patent, and in some cases a trademark as well. But you need to know that once you obtain one, your IP will become public information. And although having a legally protected invention does give you protection, it’s not going to stop someone from figuring out a way to use your IP. So you need to have an action plan in place before you do anything else. And in this presentation, you’ll hear how to develop one.
Key Aspects for Developing Your Action Plan
- How to an “intellectual-property mindset” by noticing the innovations, technologies and products that surround you every day – and how to know where your invention will fit in
- Sound marketing principles you need to know in order to make the most money off your intellectual property
- Lucrative opportunities to consider for your IP
- Why you should think beyond the United States when considering the value of your IP, and the top 5 global markets for consumers
- Why you need to be able to demonstrate the marketability of your IP, and how to begin doing that
- How licensing your IP is also a powerful tool for bringing in resources to make, market, sell and expand on your IP without the need for additional financing
Part 2: How To Find Licensees, Shortcuts to Testing the Market, and Creating a “Show Me The Money” Presentation And Negotiate The Terms Of Your Agreement
Companies don’t license ideas; they license money. So in order to find successful licensees for your IP, you’ll need to show them how your IP fits in with their business and why it’s worth their time.
To do that, you have to know some numbers about cost, pricing and profit margins. Although this requires a little research on your part, it can easily be done on the Internet or at your local library. And in the first half of Part Two, you’ll hear how to find out what the marketability of your IP is and how to showcase that value in a presentation to potential licensees.
Key Points About Presenting Your IP
- Why identifying what kind of IP you have – benefits vs. solutions, needs vs. wants, cost vs. profitability, and commodity vs. innovation – will determine what kind 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 makes up a good presentation
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. And in the second half of Part Two, you’ll hear how a licensing agreement is usually structured, the steps that both parties take to reach an agreement, and the key terms and conditions to know.
Key Points on Negotiating a Licensing Agreement
- 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
- Includes several licensing agreements that can be customized for your specific licensing activities
Once you understand how to Harness the Money Making Power of Licensing, you can create enormous wealth by controlling the cash flow generated from your invention.
Here's what's included:
- The Audio Presentation Workbook packed with helpful information including the 3 Key Components of the Licensing Process, 10 Strategic Licensing Opportunities, Developing a Licensing Strategy, How to Make Your IP Licensable, 3 Step Formula for Structuring Royalty Payments, 9 Tips for a Successful Negotiation and Key Business Terms for a Licensing Agreement.
- 2 Audio CD's with a 90 minute presentation that will introduce you to the strategies, techniques and tools of the licensing process and how you can use these to successfully license your IP.
