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‘Intellectual Property’ is one of those terms that have been considered as most ambiguous ones. Though the words in the term make the implication or the meaning very clear, there remains a lot of ambiguity as to what can be considered as intellectual property and what not. However, legal clauses help a lot in this regard. IP laws in various countries categorically define various types of intellectual properties. Intellectual property monetization, therefore, is simple, methodical and strategic, considering that you tread the right path.
Intellectual property most commonly refers to something that a person has invented. As the inventor, he holds the right to sell it and make money out of it. Making money out of the intellectual property is termed as intellectual property monetization. There are various ways of IP monetization. Do not have the misconception that licensing is one way of intellectual property monetization. Licensing your intellectual property is not going to earn you bucks. However, it makes sure that you can make money out of it and none else hold the right to your property.
Why Licensing Is Necessary for Intellectual Property Monetization
You might wonder why licensing is important if it does not help you earn money out directly out of your intellectual property! Let me explain. Inventors, be it from the IT sector or literature, music or science and technology, inventors are hardly aware of the various marketing strategies or managing sale of their intellectual properties. If course you cannot expect the inventor to become a proficient marketing person, since it might kill his/her actual talent.
The investors look for inventors so that they can invest for intellectual property monetization for the inventor. However, since there are millions of inventors, you will most probably be in a tough competition in finding an investor to invest for monetizing your IP. Even if you manage to succeed in capital raising by your own means, your competitors who are much stronger than you by dint of the financial back-up will infringe your IP. There is every possibility that you will lose your intellectual property in your bid to market it.
Licensing your intellectual property protects it from your competitors and avoids risks from financial as well as operational perspectives. Now that you understand that licensing your IP saves it from being owned by someone else and that it also helps you monetize your IP in the most secured way, you must be eager to know how to get your IP licensed.
How to Find Service Providers for Licensing
You need not worry about capital raising or intellectual property monetization if you look for a relevant service provider. It is not at all tough to find one. All you need to do is to make a little online search. You’ll find lots of them. However, do not forget to verify their reputation before you make you final choice about the service provider.
How Licensing and Marketing Is Done For Your IP
Let’s now tell you how a genuine service provider is going to help you in intellectual property monetization. First, they will evaluate your intellectual property both technically as well as legally. Next, it will conduct strategic marketing to make it available for sale. After it identifies the likely licensees of your intellectual property, it will market the same to the potential licensees. It will also monitor the sales growth while it negotiates over the license agreements with the licensees.
Jacob Willis is a finance advisor who shares his views on the importance of licensing in capital raising and intellectual property monetization. His articles also focus on helping you find the best service providers in the niche.
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