Why not build it yourself?
Here’s a bunch of reasons why you might be a fool to pass on the opportunity to acquire someone’s precious intellectual property. A wise man once said, opportunity knocks, but does not wait forever. So why should you consider acquiring IP? Why shouldn’t you build it yourself?
You might be a clever fellow, but….
|Frank Sinatra had some good advice. Don’t be afraid to acquire IP. Become knowledgeable about it, then make your decision. And if you need some advice, I’m offering.|
You might not patent it first.
You might not make the connections.
Your researcher might not find the problem interesting enough.
So that leads us to the question of why should someone want to acquire IP from someone else.
Because you have the funds for it.
Because it shortcuts the hours of learning and failure.
Because you can evaluate it before you get it.
How to get people interested in buying your IP.
- “A” for Awareness. This is the stage where people become aware that something exists. Before they became aware of your IP, they did not know that such a thing was even possible. After they become aware of it, they are aware of it. But if you ask them about it, they’ll probably say, “Yes, I’ve heard of it. But I don’t know much about it.” This is the stage where you should be writing up press releases, and getting interviews in the industry magazines to highlight the potential of the IP. Casually mention that you are looking at working with partners to develop the IP further, and perhaps lead further research.
- “I” for Interest. This is the stage where people start getting interested in your IP. It’s technology that they cannot stop thinking about. They want to know all about it. It becomes their world. They spend time reading your patent. Then they read your white papers. Then they watch your corporate videos. And they can’t get enough, so they gobble up all other information in the known universe about your product. Don’t forget to upload your brochures for planet Zorg. Pretty soon, they’ll start writing about your product as though it’s the most interesting thing on Earth. Make it interesting for them. Engage them through a variety of forums, and all sorts of media. Send samples of the product to scientists to experiment with. Participate in exhibitions. Have a media kit ready for the reporters.
- “D” is for Desire. This is the stage where they want your IP. They want it bad. They have seen the light and they know that your product is the bridge to success. It is the killer element in their arsenal, and the ultimate tool in their toolbox. They just have to have it. And so they’ll start snooping around, getting valuations, and start considering competing technologies. And then they’ll realize that you hold the crucial patents and that nobody has what you have.
- “A” is for Action. This is the stage where they start making moves. Negotiations with NDA’s. Due diligence. The lawyers march in the room and take over the proceedings. Once they have their marching orders, the inevitable starts happening. An offer is made, and accepted after much haggling. And at the end of it, maybe a contract will be signed.
Because your own R&D department might not be up to the mark.
Because having more IP helps improve your company’s valuation.
Because you might be solving a business rivalry issue.
Some further reading.
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