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Commercializing your intellectual property


♫ ♫ This is one in a series of videos about intellectual property-and you! Once you have registered your intellectual property, commercialization of your IP can be a way of bringing it into the marketplace. It is also a business strategy that can be used to grow your business and increase your future profits. Two options you can use for commercializing your IP are franchising and licensing. Let’s have a closer look… Franchising, is based on a legal agreement between a business owner, franchisor and another individual or group, franchisee. The franchisor grants the franchisee the right to use the franchisor’s proven business model and associated IP, in exchange for an agreed fee. The franchisor will also provide initial and ongoing training and support. Franchising your IP rights may be a low-risk and low-cost way of expanding your proven business model, growing your business and providing additional revenue. Licensing is a legal agreement between an owner of IP, the licensor and one or more individuals or companies, the licensees. The licensor grants IP rights to the licensee without transferring the ownership of the IP, in exchange for an agreed fee. The specific terms and conditions of the license are detailed in a license agreement. Licensing your IP rights may be an effective and low-risk way of growing your business, improving your products or services, and an opportunity to enter new markets. Remember, if you are considering franchising or licensing your IP, you should seek the advice of legal experts and/or consultants. ♫ ♫

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