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Welcome to the June issue of Licensing4Profits. The goal of promoting your IP licensing opportunity is to create licensing transactions. This is accomplished 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 frequently. In this month's featured article, Creating the Licensing Buzz, you'll learn about 5 key marketing tools you can use to promote and reach potential licensing partners. A big obstacle to making money with intellectual property is the way you think about it. In this month's featured e-course, The Licensing Mindset: How to Think Like an IP Entrepreneur, you'll learn how to think outside the "tangible asset" box and why the most successful businesses are created with a licensing model. Intellectual property rights include more than just a trademark, patent or copyright. Trade secrets and know- how are often the "other IP rights", and they can be essential for your licensing partner to successfully commercialize your IP. In our next article, Key Terms & Conditions: Transferring Other IP Rights you'll find out what you must include in your licensing agreement to insure a smooth transfer of these rights. Learn what a basketball, a six year old, a football and a baseball team have in common in This Month in IP History. We conclude with this month's question "I'm planning to do a joint venture and want to know if I need a licensing agreement to protect my intellectual property?"Enjoy! 
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Creating a Licensing Buzz: 5 Tools to Promote Your Licensing Opportunity
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 provide to them.
The goal of your marketing is to create licensing transactions. This is accomplished 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 frequently and reach qualified licensing partners in the right forum. Here are 5 key tools to use when promoting your licensing opportunity:
1. Create a briefing document 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 it's a better solution (i.e. cleans any type of surface without scraping) for a company in that business. The right fit makes it more likely the potential partner will consider the licensing opportunity.
2. 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. A good source for a listing of all trade show events around the world is Trade Shows News Network.
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3. 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, Partner Connect, Startup Nation, and LinkedIn. Focus your marketing activities on driving licensing partners to your website to get information about your IP.
4. 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 b2bbyte.com and tradeboss.com for a list of b-to-b sites. Post blog articles and other information about your IP and get their feedback. You learn about their interests and tailor information about your IP and how it can increase their bottom line.
5. Online IP buyer and seller exchanges are designed to 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, and New Idea Trade.
Success in marketing your intellectual property 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 different formats.
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Feel free to pass this newsletter along to friends and associates. You can visit our websites ( www.licensing4profits.com and www.licensingcg.com) to view our blog, special reports, published articles, webinars and audio presentations.
If you are interested in learning about our consulting services, please contact us at (646) 395-9572 or email info@licensingcg.com.
 Best regards,
Rand Brenner
President & CEO
Licensing Consulting Group
Licensing4Profits
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
LCG advises clients on the strategic use of IP assets to build business value, increase revenues, lower costs and capitalize on new market opportunities. Our consulting services are designed for small and mid-size businesses, enabling them to benefit from top end IP licensing services typically afforded by large companies.
About Licensing4Profits
Licensing4Profits is the only online resource providing coaching, teaching and training on how to manage and make money with intellectual property. We offer audio workshops, seminars, videos, e-courses, blog articles and webinars. Our goal is to advise, guide and help you master the licensing skills to transform your intellectual property into money-making products, services and technologies.
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Free E-Course - The Licensing Mindset: How to Think Like an IP Entrepreneur 
This e-course will open your eyes on why the most successful businesses are built on a licensing model.
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Key Terms & Conditions:
Transferring Other IP Rights
Intellectual property rights include more than just a trademark, patent or copyright. Trade secrets and know-how are often the "other IP rights". and they can be essential for your licensing partner to successfully commercialize your IP.
Transferring these other rights usually requires confidential information and consulting with the licensee. For example, if your IP is a product that requires a proprietary manufacturing process to produce it, your IP rights would include consulting with the licensee to "transfer" your manufacturing know-how.
If your know-how is required for a longer time period, the agreement could require the licensee to pay a monthly fee and related travel expenses for your consulting services.
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
1929 A patent was granted to G.L. Pierce for a basketball. 1963 Patent #3,091,888 was granted to six-year-old Robert Patch for a toy truck. 1967 Baltimore Orioles and NY Jets trademarks were registered.
Source:About.com |
Ask Rand Brenner
Q: I'm planning to do a joint venture and want to know if I need a licensing agreement to protect my intellectual property?
A: Basically there are two ways to form a joint venture that can include a licensing agreement as part of the JV arrangement.
An equity JV requires forming a new company with your partner that's owned 50/50. For example, you may start a separate company to make and sell products using your intellectual property. In this case, you would license your IP to the JV.
A second strategy for using a joint venture is to develop an IP. Instead of forming a new company, you sign a joint development agreement. In this case, you'll want to make sure your agreement specifies how the IP will be owned by you and your partner. It can also include a licensing agreement giving you rights to use the IP or to sub-license it to other companies.
The most important thing to keep in mind is that your IP ownership must be clearly defined. If your partner is including IP, then you'll each want to retain ownership of your respective intellectual property.
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