Licensing

The steps for licensing can vary depending on the specific product or technology being licensed, as well as the industry and location. However, some general steps that are commonly followed in the licensing process include:

1. Identifying and protecting intellectual property: This includes conducting a patent search to determine the novelty of the invention and the potential for patent protection.
2. Developing a commercialization plan: This includes identifying potential markets, customers, and revenue streams for the product or technology.
3. Identifying potential licensees: This includes researching companies and organizations that may be interested in licensing the product or technology.
4. Negotiating the licensing agreement: This includes discussing the terms of the licensing agreement with the potential licensee, such as the royalty rate, length of the agreement, and any exclusivity provisions.
5. Executing the licensing agreement: Once the terms have been agreed upon, the licensing agreement is executed, and the licensee is granted the right to use the product or technology.
6. Monitoring and enforcing the licensing agreement: This includes making sure that the licensee is adhering to the terms of the agreement, and taking action if there are any breaches of the agreement.
7. Reviewing the agreement and renewing if needed.

It’s important to note that some of the steps may require help from legal counsel. The Superior University, through ORIC helps the process.