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The Money Making Power of Intellectual Property
April 2013 Issue
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Greetings!
Welcome to the April issue of
Licensing4Profits.
Most of us are aware that you can trademark a slogan, a logo, and a name, but did you know that it is also possible to trademark a sound? Find out more about sound trademarks in this month's Leveraging IP: What Does Your Trademark Sound Like?
Whether in the form of a webcast, podcast, or YouTube video, digital media offers great vehicles for marketing your intellectual property licensing opportunity. This month's Strategy Session: Using Digital Media to Market Your IP discusses how to use each of these media options.
Learn about the licensing process - what it is and how it works - in this month's Video Licensing Lesson.
Licensees will usually want the right to distribute any licensed products remaining in their inventory after termination, and in our next article, Key Terms & Conditions, we review some of the terms that should be included in the sell-off period clause.
This month find out what the fire escape, roller skates and "Hail Hail the Gangs All Here" have in common in This Month in IP History.
Licensing offers a number of money making benefits and in this month's Licensing Webinar we'll discuss 7 of those benefits.
We conclude this month's newsletter with the licensing question "With a master license, can you resell licensing rights to the IP? "
Enjoy!
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Leveraging IP: What Does Your Trademark Sound Like?
Most of us are aware that you can trademark a slogan, a logo, and a name, but did you know that it is also possible to trademark a sound? While it is still more difficult to protect a sound as a trademark, sounds have been increasingly used as trademarks in the marketplace.
Internationally, several countries have amended their trademark laws to include sounds, including the United Kingdom, Germany, Italy, New Zealand and Australia.If you've been to the movies, and heard the MGM lion's roar, or the THX "Deep Note" for its sound system before the movie starts, then what you've heard are both trademarks. Technology companies are also using sounds, such as Intel's 5 note ding/3 second chord sequence used with the Pentium processor, the spoken letters "AT&T" with a music background, and Nokia's default ring tone are all trademarks.
You'll even hear trademarked sounds for some well known consumer product brands including the Pillsbury Doughboys' unique giggle (produced when Pop'n Fresh is poked in the stomach), and the Harley Davidson "Hog Call" engine rev (one of the most recognized sounds in the US).
Click this link and see if you recognize some of these trademark sounds.
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Strategy Session - Using Digital Media to Market Your IP
Whether in the form of a webcast, podcast, or YouTube video, digital media offers great vehicles for marketing your intellectual property licensing opportunity. The key is figuring out which form or combination of forms best suits your IP.
Digital media helps bring the intellectual property to life as opposed to a one or two page data sheet with an image or two. A well-done video and/or audio makes it a dynamic presentation and helps the audience understand how the IP works. Potential licensees can get more details, see the IP 'in action,' and hear directly from the IP owner, allowing them to quickly determine if the IP fits their needs. In addition, digital media is a cost-effective method of IP marketing. A short five-minute video can save you hours on the phone with potential licensees explaining the IP. Figuring out whether to present your intellectual property through audio (podcast), video, or both (webcast) depends on the IP. For example, video is great for IP that requires physical demonstrations, such as a new product or software. The IP must be in a prototype stage and have something tangible to show. If the IP is in its early development stage, and there is nothing tangible to show, then audio (podcast) would be a better format. This format let's you present the IP and how it fills a valuable need or offers a solution for an industry or market.
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Feel free to pass this newsletter along to friends and associates. You can visit www.licensingcg.com to view other free reports and presentations. If you are interested in learning about our consulting services
info@licensingcg.com.
Best Regards,
Rand Brenner
President & CEO
Licensing Consulting Group
About Rand Brenner
Rand has licensed some of the biggest Hollywood blockbusters, including "Batman" and the "Mighty Morphin Power Rangers", both of which generated billions of dollars in worldwide merchandise sales. His career included executive positions at Saban Entertainment and Warner Bros Consumer Products where he developed numerous licensing and promotional deals with Fortune 1000 companies.
Rand Brenner is the President & CEO of Licensing Consulting Group, a full service intellectual property management company. LCG provides IP management, strategy consulting, and property representation. For more information, please visit our website or send an email to info@licensingcg.com.
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Video Licensing Lesson | The Licensing Process |
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Join Our Mailing List!
Sign up for our newsletter and download a free copy of Introduction to Licensing Part 1: Making Money with Intellectual Property.
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Key Terms & Conditions - Sales After Termination
Licensees will usually want the right to distribute any licensed products remaining in their inventory after termination, especially if the IP has continuing value. Sales after termination is not necessarily automatically granted. It is usually triggered at the end of the licensing agreement period, and only if the licensee has remaining inventory (and is not in breech of the agreement).
The IP owner (licensor) will want to keep the sell-off period short, usually no more than 90 days. It's important to be very clear about the specific rights a licensee has during the sell-off period. Examples of some clauses that should be included are:
- Licensee will not continue to manufacture after termination of agreement;
- Licensee is prohibited from dumping products at low prices;
- Royalties paid (by licensee) are to be no less than the average royalty per product previously sold;
- Licensor has the right to purchase some or all remaining stock at cost price;
- Any remaining inventory after the sell-off period should be destroyed by licensee.
When preparing or reviewing a licensing agreement, it's always best to seek qualified legal advice before you sign anything.
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This Month in IP History
- 1766 - The first fire escape was patented. The contraption was a wicker basket on a pulley with a chain.
- 1869 - Isaac Hodgson received patent #88,711 for the "roller skate".
- 1908 - "Hail Hail the Gangs All Here" the song, was copyrighted.
Source:About.com
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Licensing Webinar - The 7 Money Making Benefits of Licensing Licensing is a marketing strategy that all inventors, entrepreneurs, established businesses and emerging start-ups should consider in today's challenging economy. This webinar will discuss 7 key benefits of licensing and how you can use those benefits to create new money making opportunities. In this webinar, we'll discuss the 7 Key Benefits of Licensing including: - Launch New Products - The Fast Track to Retail
- Expand Your Reach - Tap New Markets
- Poor Man's Advertising - Riding the Coattails
- Test New Products - Using Other Peoples Resources (OPR)
- Create New Revenue - Leveraging Licensing Partners
- Increase Brand Equity - Build Brand Value
- Gain a Competitive Advantage- Profit from Proprietary Rights
Understanding these benefits will give you the information and insight on how and why licensing is one of your best marketing strategies for quickly tapping new markets, reaching new customers and substantially increasing your income. To view webinar, click here or use this link: http://licensingconsultinggroup.com/webinars/the-7-money-making-benefits-of-licensing/.
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Ask Rand Brenner
Q: With a master license, can you resell licensing rights to the IP?
A: As a master licensee, you can be given rights to make and sell products/services in specific categories, distribution channels or territories. In addition, you can also get the rights to sublicense (resell) the intellectual property for other (non-competitive) products or services. The master licensees are required to get approval from the IP owner to grant a sublicense, and they are responsible for making sure the sublicensees comply with the licensing agreements.
Some examples of industries that often use the master licensing approach include software, music and brands. The benefit for the licensee is the opportunity to generate income from both the IP product (or service) sales and sub-licensing. The benefit for the licensor (IP owner) is leveraging the licensees resources and contacts to build a bigger licensing program.
Got a question about licensing? Send an email to askrandbrenner@licensing4profits.com. You'll get an answer to your question which will be included in a future issue of this newsletter.
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The information in this newsletter is presented by Licensing Consulting Group as a service to the subscribers. Although the author attempts to keep this information current and accurate, he makes no warranty or guarantee that it is correct, complete or up-to-date. This newsletter may contain links or be linked to other web sites not maintained by Licensing Consulting Group. The author makes no representations, express or implied, with respect to the materials and information provided on any third-party web site linked to this newsletter, including any representations as to the accuracy, timeliness, reliability or completeness of any material or information on such linked site. Inclusion of a link in this newsletter to another web site does not imply recommendation, approval or endorsement by the author of the linked site.
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