Licensing is frequently the finest and most appealing option to commercialize or profit from one’s intellectual property, especially when dealing with a utility product or manufacturing process. For example, the patent holder has the right to restrict illegal use of protected technology and demand compensation if their IP is infringed.
Many organizations’ growth depends on their ability to drive innovation. Your company will ideally have an R&D engine that creates the new goods and services that drive your expansion. However, you may require outside assistance to help launch new services, bridge a technical gap, or expand into new areas. That’s when it’s a good idea to explore licensing someone else’s intellectual property. An innovator, research institute, a university, or even another firm might be the source of this information.
To make a licensing agreement work, here are 5 factors you should consider.
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