The key word is concise. Think of it like a resume. The IP profile is an introduction to potential licensees, and they do not have or will take the time to read the entire history of your IP. Here’s a quick format for preparing a Licensing Profile: (Ex: This IP Profile is intended to inform that the patent for PRODUCT X is available for licensing.)
- Background – Explain the basic benefits of the product.
- Milestones – What milestones have already been reached by the product, including patent status, working prototypes, current sales activity and where the product is being sold or distributed.
- History – A BRIEF history of the product, providing a short explanation of the companies or people involved.
- Product – Details including additional functions and any market research that supports the licensing opportunity.
- Customers – Who are the customers and why they buy the product.
- Licensing – General information about licensing the IP rights such as exclusivity, territories, etc.
Make sure the IP Profile looks professional and has the correct contact information including your name, telephone, email address and website. Be sure to add a page to your website titled Licensing or Available for Licensing.
Free E-Course: Guerrilla Licensing
During this 7 part e-course series, you’ll learn about seven no-cost and low-cost strategies that you can use to promote your IP and create moneymaking licensing deals. Here’s what you’ll discover during the Guerrilla Licensing e-course:
- How to use the “Sweetheart Deal” to get your first IP licensing partner.
- How to create Your IP Opportunity “Buzz” using free PR.
- How a big licensing partner could magnify your IP attraction factor.
- How to build your licensing platform using social media.
- Two ways to create an IP demo video that excites potential IP Partners.
- How to let your customers sell your IP licensing opportunity.
- How to make a big impression for a small budget at Trade shows.
Click here to sign up for this e-course.