Depending on your broader business and commercialization strategy, it may be of interest to consider licensing your intellectual property (IP) to an existing company. In such an arrangement, you could enter into an agreement with one or more companies giving them the right to use your IP in exchange for a share of the revenue they generate from your IP. This can allow you to more quickly get to market by relying on the other company’s suppliers and distribution channels, for example. I typically take the following approach to licensing: 1. Develop a list of prospective licensees. 2. Create a “licensing opportunity” brochure. 3. Contact prospective licensees found in step 1 to explore the market and generate interest in licensing. 4. If a company becomes interested in licensing, research previously executed licenses of comparable technologies to draft a license term sheet including financial terms. 5. Once a license term sheet has been executed, source, draft and customize a license agreement. 6. Negotiate the agreement. 7. Monitor the arrangement to ensure a successful collaboration.