Home > Topics > Dealmaking and Marketing Technology to Product-Development Partners > The IP Sales Process > Editor's Summary, Implications and Best Practices

Marketing is always challenging work, but marketing intellectual property can be especially challenging for a university technology transfer office (TTO). University inventions are not developed in response to market needs, so a TTO must inform private companies about the existence of new products, convince them of their usefulness, and persuade them to enter into licensing negotiations. This is sometimes difficult because the technologies are usually undeveloped and may not have obvious utility.

This chapter stresses the importance of having a clear sense of the IP goals and IP strengths of one’s own institution. An IP audit is a very good way to improve an institution’s marketing prowess as it informs one as to what intellectual property one has – whether it is owned, licensed, or simply possessed. Unless the technologies, their IP status (for example, freedom to operate status), and their respective levels of development, are clearly known and understood, it will be difficult to persuade others to pursue a license deal.

The chapter suggests ways to find potential licensees. Once you find them, you should ask them these four questions:

1. Does our technology fit your company’s needs?
2. Within what time frame will your company develop a new product using our technology?
3. Does your company have the budget to develop a product using our technology?
4. Is there any reason why your company would be unwilling to work with our institution/scientists?

The chapter also includes a section on marketing approaches, including some effective persuasion techniques.

Ideally, marketing packages will be tailored to accommodate each customer’s needs. The benefits of the invention should be emphasized. Remember that good time management is vital to successful marketing. Above all, follow up with your contacts.

Key Implications and Best Practices

Given that IP management is heavily context specific, these Key Implications and Best Practices are intended as starting points to be adapted to specific needs and circumstances.

For Government Policymakers

• Support policies that encourage the commercialization of inventions.

For Senior Management (university president, R&D manager, etc.)

• Ensure that the goals and policies of your technology transfer office dovetail with those of your institution.
• Whenever possible, build professional contacts in the private sector. Such contacts may later become licensees.

For Scientists

• Your contacts can help your technology transfer office’s marketing efforts. For example, private sector colleagues may facilitate licensing deals with their organizations.
• Collaborations create contacts. Contacts build networks. Networks provide opportunities.

For Technology Transfer Officers

• Technology transfer office managers ought to locate the businesses that would most benefit from their institution’s innovations and persuade them to enter into licensing negotiations.
• Hire an outside consultant to audit the status of your technologies.
• Ask potential licensees whether your technology matches their current business development strategy.
• Ensure that your licensees will follow through with their end of the agreement by requiring milestone payments, minimum annual royalties, or research funding level commitments.
• Ensure that your staff have good negotiation skills and training in several disciplines.
• It is essential to follow up with your contacts.