Lemelson didn't offer his patents for license helter-skelter. Nor should you. There is a certain methodology you should use to introduce a license to a prospect and conclude the agreement.

The licensing plan
First, you need to write down a specific plan. More specifically:

1. Develop a strategy. Will it be an exclusive or non-exclusive license? Will it be limited to various fields? Will it augment sales after your company launches the product? Will you be licensing a limited number licensees or staging them in? What incentives have you considered?
2. Do a SWOT analysis. This is a term used by licensing experts which means you need to analyze and evaluate your intellectual property’s Strengths, Weaknesses, Opportunities and Threats. This is important, because your licensees will do this and if you’re not prepared, you’ll not be able to handle their questions.

With these two steps completed, you will want to start taking action. Next:

1. Find licensees. Use New Product Summaries and the methods discussed in the web pages on marketing inventions. 2. Research interested candidates. Once a candidate is identified, research it to better understand it.
3. Start with a term sheet. Send a term sheet outlining the basic details of a license agreement.
4. Prepare a license agreement. Once the term sheet is accepted, the formal agreement should be prepared.
5. Send it to the licensee. There is a certain methodology to doing this. Before it's sent out, you must have an agreement with the licensing CEO about using a partnership approach. If not, from this point on can be a nightmare filled with misunderstandings and extremely high legal fees.

Having established a partnership approach to licensing, you'll be handling the objections of your prospective licensee. This is where the rubber meets the road. Be prepared and you'll be able to conclude a deal.

Last, as always, NEVER trust an invention promotion company to do this for you!

 

Licensing insight:
Handling objections is one of the most important aspects of licensing. From Patent to Profit shows you how to address virtually every concern a prospective licensee may have.

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