Licensing IP can work for many businesses at all stages of the IP lifecycle. I once met a man who sold his comedy club business but retained the rights and generated good income for many subsequent years by licensing the brand name to the various new owners. I once worked with a business who developed their patents with the goal that a leading electronics manufacturer would buy them, (and they did for $5m).
The most commonly licensed forms of IP are copyright; brand names (trademarks including digital aspects: domains, websites, social media); patents; designs and even trade secrets.
We are all used to paying copyright license fees for example to access music, books and movies, usually via a platform.
Known brand licenses include Michael Jordan, Philips, Tommy Hilfiger and even Sponge Bob Square Pants.
Patent licensing is a relatively complex business usually involving a combination of both ‘carrot and stick’.
IP licensing can also be used for business development and partnership creation purposes.
The option to license requires a strong IP strategy to identify and protect the IP, then to develop monetisation opportunities.
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Author: John Pryor Exalt IP