When you are in businesses it's important that you protect your products from being copied and exploited by other companies. You can't do this without understanding what product licensing is and the different types which you can choose from. In this article we are going to delve into this topic and hopefully demistify it.
What is product licensing?
In simple terms it's a contractual agreement that binds two or more entities when they decide to share intellectual property. This includes their trade secrets, copyrighted content that have been solely generated by the company subject and so much more. The agreement will include how the product should be used and how much they are expecting to receive from the deal.
The licensee is granted with the rights to distribute anything that has the owners name. This includes their logos, brand attributes and more. The revenue which is generated during this period will need to be shared with all the parties that are involved based on what has been agreed upon.
This is a hurdle that most people fall prey to, especially when seeking investors for their businesses. When you are someone that has a lot to offer in terms of your intellectual capacity - you should consider getting that information protected legally. It might be anything from:
Anyone that makes use of your work without your permission will be subjected to a fine based on the guidelines which have been stipulated for intellectual property (IP).
It's very popular in the world of technology. The owner of this type of a license is granted the rights to maintain full ownership of the product they have created. It's a very complicated process that requires you to submit a lot of documents that show that you are the one that came up with the initial product.
That's all that we've got for you on this article. Share your thoughts in the comments section below, we'd love to engage with you. Remember to follow us for more informative articles like this one published daily.
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