How To License Your Intellectual Property
Intellectual property licensing allows you to share your creations in exchange for royalties. Not only does this enable others to benefit from your work, but it also is a way to earn passive income. In a way, you are leasing your property for a regular fee.
Licensing can provide many benefits for all types of creators, including inventors, software developers and manufacturers. At Artie Pennington Law Offices in Kyle and Austin, our attorney has over 20 years of experience working as an engineer and business owner in semiconductor and software design. He utilizes this experience to help Texas clients in various industries protect and market their intellectual property.
How Licensing Can Help You
Any kind of intellectual property is eligible for licensing agreements with third parties. A third party can use patents, trademarks and copyrights while you maintain your ownership. After registering your intellectual property and protecting it through copyright, patent or trademark, you can start looking for licensees. Once you find a licensee, we can help you write a licensing agreement that protects your rights and advances your interests.
There are different forms of licensing agreements that each provide advantages and disadvantages, including:
- Exclusive licenses
- Sole licenses
- Non-exclusive licenses
Exclusive licenses allow a third party the exclusive right to use the property. The owner cannot use their property or grant use to any other third parties under this license. A sole license works similarly but allows the owner to use the property while prohibiting other third parties from using it. A non-exclusive license is the most lenient option. It grants other parties the right to use the intellectual property without restricting the owner from using it or granting licenses to other parties.
Our attorney at Artie Pennington Law Offices has helped software developers license their products for use by other parties. He can help draft a solid licensing agreement that protects your rights by including exclusivity, royalties and scope restriction clauses.
We can also help you determine if licensing or manufacturing your invention is best for you based on your short- and long-term objectives. Manufacturing allows you to control the process and may make more money than license royalties. Licensing, however, saves you money on creating prototypes and does not require as much time and involvement while earning a passive income.
Create New Opportunities From Your Work
If you are ready to share your creation with the world, contact us at Artie Pennington Law Offices to learn more about our intellectual property licensing services. We will meet with you, taking the time necessary to understand your goals and help you develop a plan to achieve them. Call us today at 512-982-1190 or complete an online contact form to schedule a consultation at our Kyle or Austin offices.