New Booklet Unlocks Value of Intellectual Property
Entrepreneurs can learn more about the money to be made from intellectual property (IP) licensing deals in a free booklet from the UK Intellectual Property Office (UK–IPO).
The 24–page publication, ‘How licensing intellectual property can help your business’, explains how small firms can use licensing to create revenue streams linked to their patents, trademarks, designs and copyrighted material.
The booklet has been produced as part of a drive by the UK–IPO to raise awareness of the value of intellectual property among small businesses. It includes:
- an introduction to IP licensing
- an explanation of why businesses buy and sell IP licences
- a checklist for those considering entering into licensing deals
- resources for further information
- useful contacts.
An IP licence is a permission to do something with a product or design that would otherwise infringe a patent, trademark, copyright or design. Without one, many entrepreneurs would not see their innovations coming to market and licensing provides a means by which businesses can access the IP of other businesses in order to develop new products.
“We live in a world where the exchange of ideas, knowledge and intellectual property is becoming the way in which businesses develop and build new products,”
said UK–IPO chief executive Ian Fletcher.
“Licensing is the fundamental mechanism within the IP system that facilitates open innovation,” he continued. “We want businesses to gain the most value they can from their IP and also to accelerate innovative development by working in collaboration with other businesses in using IP.”
IP licensing may be appropriate for product inventors, manufacturers and the designers who configure or refine a product’s appearance, as well as the producers of packaging and marketing literature and materials.
In an introduction to the booklet, Fletcher stresses that it is not a do–it–yourself guide and specialist lawyers will be needed to tackle the complicated legal aspects of licensing.