The way a business generates revenue varies greatly from how a business succeeded just a few years ago. These days it is all about who has the latest technology and more importantly, who knows how to protect it. It doesn’t matter how you are using your IP, if you aren’t taking steps to protect that intellectual property, you will not be able to monetize it in the way you hope.
Offer Third-Party Licensing
Third party licensing helps you monetize your property while remaining in control of it. In fact, there are numerous businesses offering third-party licenses of their IP – such as IBM or photographers selling licenses to their photos for online websites and blogs. By using a third-party license, you are allowing others to have rights to certain patents, but only after paying a specific fee amount.
Trademark Licensing
Trademark licensing is actually an old school method that has become new once again. Celebrities have been using trademark licensing for years — allowing companies to use their names for their products. Restaurant franchises also use a form of trademark licensing to allow new chains to open, while still operating under the same business.
Patent Donations to Lower Tax Obligations
If you find yourself facing extensive business taxes, you may benefit from a patent donation. Companies like Proctor & Gamble and even Ford Motor Company have made public patent donations to help offset their tax bill.
Selling Your Patents
You have patented your products, but just as any other product, your patent can be sold to another party – and for quite the profit. There are numerous companies that have more use and can make more value out of your outdated or unused patents. For example, when Motorola sold 17,000 of their patents to Google. They did so because Google had a better use for those patents and the patents were more valuable to Google than they were to Motorola, which is why Google gladly paid $12.5 billion for those patents.
Consult a Trademark Attorney before Monetizing Your IP
Trademark attorneys are crucial anytime a business wants to monetize their IP. An attorney can ensure you get a fair deal, help draft contracts and keep your IP protected – even if it is sold during third-party licensing agreements.
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