Issue link: https://htpgraphics.uberflip.com/i/246988
How to License Section 3 The two main activities that are necessary to achieve a licence are: finding a company that is interested in the opportunity that your IP represents and convincing it of its merits; and n n agreeing the terms on which the IP will be licensed. Both of these are taxing. Of course your institution's IP commercialisation organisation or a specialist agency will manage these tasks in partnership with you. Nevertheless, as the IP originator, you are essential to both activities; very actively in the first activity and in an advisory capacity in the second. Gaining Interest You are as likely as anyone to identify and obtain interest from the company that ultimately enters into the licence arrangement. A study by the Massachusetts Institute of Technology (MIT) shows that half of all its licensees has been identified by the IP originator. Similarly the Lambert Review of university/business interaction revealed that 50% of all licensing contracts by UK universities had been concluded where the researcher already had some form of relationship with the licensee company e.g. through a consulting assignment or applied research project. Therefore, you can be very helpful and important in this marketing exercise. Not only will you readily be able to think of one or two probable target companies, you will also have the opportunity to publicise licence opportunities by your presence and talks at conferences, seminars and exhibitions and also through writing in appropriate publications/articles. It is also useful to produce a marketing flyer (ideally in conjunction with your IP commercialisation organisation) and have this displayed on your website as well as on the IP commercialisation organisation's website. However, experience shows that, to be useful, the flyer must be written in such a way that clearly shows the projected applications and benefits that the IP could deliver if developed. It should also attempt to give specific ideas of the economic benefits to particular products or firms. This can be quite difficult to construct but is worth spending time on, since a description about the IP itself is not usually what potential licensees are interested in reading. They will be much more captivated by "user" language than by a mini thesis on the idea/invention. 16