Licensing your intellectual property can be a huge money-maker—if it is done correctly. The process is not as simple as many entrepreneurs anticipate. Even the most innovative product or process can flop if it is not licensed correctly. The world of intellectual property and licensing is wide and complex, and making a misstep could be unthinkably costly.
You are probably researching the licensing process, wondering what steps you should take and considering the best strategies to use. When you are preparing to license your intellectual property, be sure to use all the tools and strategies that are available to you. These are four strategies that you can use to help ensure that your product’s licensing is successful.
Performing your due diligence is a crucial first step to licensing your intellectual property. While it may seem self-explanatory, many entrepreneurs fail to perform even the most half-hearted due diligence. Then, they waste precious time, effort and money only to realize that they won’t be able to license their idea.
Determine the boundaries in which your license will operate. It will be up to you to understand and establish he parameters for the license. Clear boundaries are at the heart of every intellectual-property license.
In licensing, exclusivity should be used with care. If used unwisely, if could create more problems than benefits. Use it only if you have conducted a careful examination of the licensee, the market and your other intellectual properties and have determined that an exclusive license is best for you.
Too many entrepreneurs attempt to license their intellectual property without outside legal assistance. Wise entrepreneurs consult business attorneys who have experience handling intellectual property. Having knowledge, experience and success with intellectual property law—in Georgia and internationally—will help your intellectual property license take off.