Every business has some form of intellectual property although a few owners know how to make money through it. Do you know how to turn your IP into cash? Typically, the intellectual property of a firm includes software, website content and the company logo. To make money from the IP, you must have patent, trademark, copyright or design. The online diagnostic tool can help you to know how to figure out and protect the IP and also facilitate how to make money through it with certain procedures such as franchising, licensing, or selling. The following methods can help you to know how to convert IP into assets.
Licensing the IP
The procedure of licensing provides the right to someone else to use your copyright or patent such as an article to be used for publication or a formula for a soft drink. While the licensee will provide you with royalties in return, you will also get a small part of the value of the product depending on the cost to produce it before adding the distribution and the transport cost. However, the license is going to differ based on the trading. For instance, licensing the IP to facilitate the other businesses to exploit it in a region where you do not compete will be different. Apart from this, you can grant the entire license which allows the licensee to use the copyright in the same region where you compete, and it also implies that you cannot grant license to any other business. Businesses in India can contact intellectual property lawyers in India to find out how to turn the intellectual property into assets.
Selling the IP
Most of the businesses do not plan to sell their IP unless the business goes up to the point of selling. Whether it is to buy or sell the intellectual property, avoid attempting to do things by yourself without considering the advice of the lawyers. The mode of buying and selling IP is similar to the scenario in the real estate. Smart sellers sell their property when the performance of real estate declines and the buyers find it the right opportunity to turn it into a profitable investment. Similarly, when the business is not doing well, it serves the opportunity to license or sell the property. All you have got to do is to look for a party to turn it into a profitable option as the intellectual property is a big and scattered marketplace unlike the real estate listings you get in a centralized location.
Franchising intellectual property
You can also allow someone to use your copyright to run the business in your name wherein you provide support and supervise whether the business offer is utilized and marketed properly. Make sure the franchisee will replicate the business but what you have to find out is that there must be no variation in the quality of the product if you want your customers to stay satisfied everywhere. A lot of food delivery services go for franchising when the geographical locations are limited and the sales potential short. For advice regarding franchising or buying and selling the intellectual property, consulting the intellectual property lawyers can provide you with the best shots to go about successfully with your ideas.
Utilizing the opportunities
With quick online research, you will come across plenty of IP exchanges for trading. Selling, and buying intellectual property. You must go through them to know how to make the best use of these opportunities in a market which is rather fragmented and the buyers and sellers do not come together. Although there were a lot of challenges for these activities that existed before for making money with the IP, but the scenario has changed for better with opportunities to license or sell the IP.