I used the following windows command to share my local database : -
sqlLocalDB share v11.0 IIS_DB
When trying to connect to the database via the database explorer in Visual Studio 2012 using the shared name I get the following error: -
A network-related or instance-specific error occurred while establishing a connection to SQL Server. The server was not found or was not accessible. Verify that the instance name is correct and that SQL Server is configured to allow remote connections. (provider: Named Pipes Provider, error: 40 - Could not open a connection to SQL Server)