Intellectual property is a valuable asset for a business. When a company licenses its IP out to other businesses, it can gain a competitive advantage and also reap the benefits of a lucrative, passive revenue stream.
When dealing with IP, most business owners immediately think of patents. Patents cover inventions including processes, machines, compositions of matter, designs, and plants. However, patents are only one type of valuable IP. There are other types of intellectual property that can be licensed out to increase your business’s revenue. These include:
- Trademarks, which protect company or product names, as well as corporate logos, slogans, and other promotional materials; and