IP Development - Licenseit

Developing Your Intellectual Property

Developing (IP) means converting specialised knowledge into a multimedia format or software. (IP) is worthless until it's developed into a product for others to buy or license. If research has been done to establish demand then it needs to be developed into one or more formats depending on the needs of the licensee and end user.

Books from Personal Knowledge

Your knowledge and experience has real value to others, why not get that knowledge out of your head and into multiple formats? By doing so, others can gain by reading your book or listening to the MP3 audio version. If you just want a quick way to get your knowledge and thoughts recorded quickly, use a Google Chrome's free voice to text app. It's very accurate and easy to use.

A good way to get your knowledge into a logical format is to orgainise a Q&A interview. Give your interviewer the questions you would like to be asked well in advance so they have time to familiarise themselves before the interview. Start with a relaxed introduction about yourself. Move onto questions about your specialist field with useful Q&As about how to solve common problems.

Ask someone with a good speaking voice to ask the questions. If you are meeting the interviewer, use a voice recorder or smart phone to record it. If it's a remote interview, use something like Skype's Pamela.biz and a decent USB headset with a boom mic. Then edit it afterwards with a free audio editor like Audacity. Once the audio file has been edited, it can transcribed using a service like Rev.com.

Training Courses

If you are developing an IT or web related course you can combine your voice with screen capture videos using Camtasia for PC or Mac's Quick Time Player . If it's a course that doesn't need screen capture, consider developing the chapters of your book to create course segments. By delivering the course segments monthly derived from the chapters in your book, you are massively increasing the perceived value of your work. People will pay hundreds or even thousands for a course but normally only a few pounds for a book!

Setup an online course where members pay a monthly fee to access specialised training information from articles, videos, audios, templates, forms, spread sheets, guides, checklists, PPT presentations and other resources. You don't need large numbers either. For example 100 subscribers paying £30 a month = £3000. Then license that course to others as a business model in it's own right.

There are several websites you can upload your course to like Udemy but they usually sell for a low price. It can work if you sell in sufficient quantity. If not, you may be better off licensing it to a company who will pay you ongoing royalties each time they use your material to teach their staff or clients in workshops and seminars.

Webinars, Workshops & Seminars

Even if you don't have a large client base, if your webinar or workshop topic is in the right niche, you can still market it effectively to your social media contacts and other businesses that would benefit from attending. Webinar pricing is subjective but much more popular and practical during the pandemic. However, a small workshop of 100 attendees paying £100 each would generate £10,000 less room hire, refreshments and marketing expenses.

A webinar should be recorded anyway by the service provider but if you are putting on a workshop or seminar consider getting it filmed or at least record the audio. If filmed you can take the voice sound track from the video file and create an audio product. Then get the audio product transcribed to create an eBook or report. You now have three products from one recording which can be the nucleus of a course you can license for others to sell. Another option is to sell the formats separately as products in their own right.

Consider up-selling too. For example, you could license or sell the video of the workshop for a higher price by including the MP3 audio file and PDF transcript. Even if you didn't sell the recording you can use it as a marketing tool. Break it down into specific subject areas and upload the clips to YouTube to drive traffic back to your website or use different formats as bonuses to promote other products. To sum up; record whenever you can to develop your content into products you can license and sell.

Software & Apps

Consider that bespoke software or app that you had developed for your business that solves a specific problem. Research the potential demand for other businesses in similar non-competing fields or those that operate in a different geographic area.

If it works well for your business then why shouldn't it provide the same benefits to others? Yes, it may need tweaking or modifying slightly to meet a potential licensee's requirements but that can easily be done by freelance software developers on sites like upwork.com, freelancer.com or fiverr.com

Business Systems

All of the above software and processes could be used to create a business system ready for licensing. However, the key to selling your system is to put yourself in the potential user's shoes. Make it set by step simple with as little room as possible for misunderstanding. You know everything about your system because you've been using it successfully over a period of time but no-one else does.

When presenting your system to potential licensees they need to get it instantly without them having to ask constant questions to understand the concept and more importantly, how it benefits them. Always include a benefit statement of how your system will benefit the user. If they don't understand it quickly and how it will increase their profits, you will lose their interest and the chance of a sale.

Instead of death by PowerPoint, create a short video of someone using your system step by step and include computer screenshots where necessary. Alternatively, offer a print PDF version for easy dissemination. Make it concise, explaining how it works and include images of all applicable graphics, forms, spreadsheets, checklists and screenshots. Also make sure you include your separate benefit statement.