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3 Questions To Ask When Licensing Your Intellectual Property

Companies interested in leveraging market trends rely on intellectual property licenses to protect their rights and interests. These IP licenses constitute the very backbone of entrepreneurial and corporate profitability. Unfortunately, far too many IP firms base their client's needs on lazily constructed templates that may not fully articulate the nuances of the specific intellectual property.

This cookie-cutter approach cannot appreciate the full breadth of the rights, exclusivity, length of agreement or how to realize the client's goals. Creating a formidable IP license agreement requires individualized and strategic planning by legal counsel. Consider these three critical questions when crafting an IP license. 

What rights are necessary to achieve IP license goals?

Overlooking this key question can prove detrimental to many companies. The foundation of negotiating a lucrative IP license deal requires a clear and distinct understanding of end goals and how to achieve them. While this appears to rank as the most basic, introductory question, overlooking the obvious is far too prevalent. Not answering this question would be like trying to build a house with no nails or play baseball with no bats. Rights are tools of the trade. It's imperative the necessary ones are clearly articulated and put in place.

What rights are not necessary to achieve IP license goals?

This question helps streamline the process because it sets aside work and saves time not pursuing rights that have little or no value. The point of an IP license is to achieve goals and be prosperous through market exploitation. Popcorn may be nice at a baseball game, but it isn't necessary to play. Hone in on what's important by excluding what is not.

What protections are necessary to achieve IP license goals?

It would be an understatement to say the rights being leveraged are only as valuable as the outfit utilizing them. The financial health, resources and protection methods are keys to goal achievement. A thorough analysis and knowledge of company-wide and IP license protections can help prevent incursions and distractions that take away from success. Which protections are in place and which further ones need to be developed are essential aspects of actualizing realistic goals. If no one asks where the weak spots are, the kinks in armor cannot be shored up. 

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