Tips for Protecting (and Monetizing) Your Intellectual Property
The way a business generates revenuevaries greatly from how a businesssucceeded just a few years ago. Thesedays it is all about who has the latesttechnology and more importantly, whoknows how to protect it. It doesn’tmatter how you are using your IP, if youaren’t taking steps to protect thatintellectual property, you will not be ableto monetize it in the way you hope.
Offer Third-Party LicensingThird party licensing helps you monetize your property while remaining incontrol of it. In fact, there are numerous businesses offering third-partylicenses of their IP – such as IBM or photographers selling licenses to theirphotos for online websites and blogs. By using a third-party license, you areallowing others to have rights to certain patents, but only after paying aspecific fee amount.
Trademark LicensingTrademark licensing is actually an old school method that has become newonce again. Celebrities have been using trademark licensing for years —allowing companies to use their names for their products. Restaurantfranchises also use a form of trademark licensing to allow new chains toopen, while still operating under the same business.
Patent Donations to Lower Tax ObligationsIf you find yourself facing extensive business taxes, you may benefit from apatent donation. Companies like Proctor & Gamble and even Ford MotorCompany have made public patent donations to help offset their tax bill.
Selling Your PatentsYou have patented your products, but just as any other product, your patentcan be sold to another party – and for quite the profit. There are numerouscompanies that have more use and can make more value out of youroutdated or unused patents. For example, when Motorola sold 17,000 oftheir patents to Google. They did so because Google had a better use forthose patents and the patents were more valuable to Google than they wereto Motorola, which is why Google gladly paid $12.5 billion for those patents.
Consult a Trademark Attorney before Monetizing Your IPTrademark attorneys are crucial anytime a business wants to monetize theirIP. An attorney can ensure you get a fair deal, help draft contracts and keepyour IP protected – even if it is sold during third-party licensing agreements.
