Licensing is a tried and true means to monetize a patent portfolio, but those who will succeed on the path from patent ownership to patent profits will not simply plant a sign and expect licensees to arrive with checks. Like any endeavor that is worth doing, a successful licensing program will take time, energy and planning.
There are three key preparatory stages in any successful licensing program:
- Company research – Who is your company of interest, what do they have and where is their revenue generated;
- Patent mining – What do you have, and what should/can you use to entice a prospective licensee;
- Investigation – Develop negotiation-ready Evidence of Use (EoU) to establish the need for the prospective licensee to actually take a license.
The amount and level of analysis you perform ahead of contacting the prospective licensee will scale with the size of your program goals. For example, are you exploring your entire portfolio to find opportunities, or are you looking for a few valuable patents that can be used against a number of companies?
Along with SME expertise, patent analysis tools that leverage technical content and proprietary analysis can help you narrow your focus, identify patents of value in your own portfolio, and identify potentially valuable technologies that will return profits. Of course, to do this properly takes planning.
Join Gene Quinn, President, and CEO of IPWatchdog, Inc, along with Brian O’Shaughnessy, Partner at Dinsmore and Former President of the Licensing Executives Society (USA and Canada), Inc. (LES) and Martin Bijman, Director of IP Products for TechInsights, for a free webinar discussion.