Once you have secured your intellectual property, licensing of your intellectual property rights can be an effective tool for monetizing your investment and achieving diverse business goals.
A licensing agreement can be described as a partnership between an intellectual property rights owner, referred to as the licensor in a licensing agreement, and a party who is authorized to use such property rights, referred to as the licensee in a licensing agreement. The property rights are licensed in exchange for an agreed payment, which is typically a fee or a royalty. Patents, trademarks, and copyrights can all be licensed to others.