Innovation Management
Licensing is a legal agreement in which the owner of intellectual property (IP) grants permission to another party to use, produce, or sell that IP under defined conditions. This process is crucial in maximizing the value of IP, allowing creators to profit from their innovations while enabling others to utilize those innovations for commercial purposes. Licensing plays a significant role in the patent process by determining how patented inventions can be shared or commercialized, relates closely to various types of intellectual property, and influences overall IP strategy by shaping how businesses approach their assets.
congrats on reading the definition of Licensing. now let's actually learn it.