One way to commercialise your intellectual property rights is to provide third parties with a licence. Common types of licence include:
- A licence for royalties: generate a revenue stream for your business by giving others permission to use your intellectual property rights in return for a payment. This is extremely useful in cases where you do not have the money, expertise, knowledge or know-how to bring an idea to market. A licence for royalties provides you with the option to grant others a licence to manufacture and/or sell your products.
- A cross licence: give others permission to use your intellectual property rights and in return they let you use their intellectual property rights without the threat of patent infringement (often called “collaboration”).