Before we discuss intellectual property monetization, it is necessary to understand what exactly intellectual property is. Like all properties, intellectual properties also associate with it the right to possession of the owner. Therefore, the right is protected by law. There are various definitions of intellectual property according to laws in various countries. However, the basic idea about intellectual property or IP refers to any work of creation or invention, while the inventor or the creator is the owner of the property.
Let me elaborate. If you have written a poem or choreographed a dance sequence, the poem or the dance movements are your intellectual properties and you are the owner of the properties. There are various types of IPs, depending on the IP laws of various countries. For instance, the US law classifies IPs in the following categories.
Let's now discuss intellectual property monetization. IP monetization, as a matter of fact, refers to the ways to monetize your intellectual properties. As a creator or the inventor you will own the rights to copyrights or trademarks or patents or industrial design, or trade secrets. You have the right to sell, publish and share your intellectual properties. Again, you also have the right stop someone else using your IP. However, while your purpose is to monetize your IP, you have to let them use your IP against a cost/charge that they pay you.<
Necessity of an IP Advisor
When you attempt intellectual property monetization, you first need to set monetization goals. You may plan short term goals that will bring you instant money. Or else, you may also think of long term earning scopes such as incentives or royalties at a regular interval. However, whatever goal you set, you have to make sure that you know all the legal loopholes of the concerned IP trade. It would be wise of you if you consult an IP advisor who will guide you for the best way of IP monetization.
Wondering if it is mandatory to consult an advisor for intellectual property monetization? Of course, there is no compulsion that you have to consult an advisor for IP monetization. If you have an search engine optimized article and if you want to sell it to a client, you can do it all. You do not need an IP trading advisor for that. You fix the price by yourself and when the client pays you, the copyright of your write-up goes to the client.
However, IP trading is not at all so simple; often it is very complicated, depending on the seriousness of your intellectual property. Besides, you have to be sure that the ways you resort to for monetizing your IP is legal and fair. And, only an IP advisor can guide you in the right way to profitable intellectual property monetization. All you have to do is to find a reputed IP advisor. Do a little search online. You will find many. Do not forget to check the reputation of the advisor before you get into any kind of contract with him/her.
Jacob Willis is an intellectual property management professional who encourages the IP owners to judge the value of their properties before they go for monetization. However, he also insists on consultation with an advisor when it comes to intellectual property monetization.
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