COMMERCIALIZATION OF INTELLECTUAL PROPERTY
An owner of an intellectual property has exclusive rights to their IP and may choose to exclude others from its use or misuse. However, commercialization of the intellectual property is a concept which allows the transfer, licensing, testamentary and assignment of the same like any other property. The use of the property under appropriate permission widens the scope of monetizing the IP asset.
The owner in an existing work may assign/license to any person/entity the rights devolved from the said intellectual property wholly or in a limited manner through the mode of assignment/license. The said commercialization could be either exclusive or territorial based and could be for a limited time period or for the entire term. Once the agreement is formalised between the parties, it should be duly registered in the appropriate IP office. The intellectual property is an intangible asset and the owner can bequeath the same to the person/entity of his/her choice. The rights shall commence on the demise of the owner in favour of the person who is succeeding to the assets. Some of the examples in which your Intellectual Property can be commercialised to make money are:
2. Transmission by testamentary disposition/will.
4. Joint-venture arrangement between the owner of IP and investor.
VALUATION OF IP
IP being an intangible asset can be equated in monetary terms. There are various parameters whereby the IP in lieu of sales, advertisement and reputation can be evaluated and thereafter it can be traded like any other asset/property of the applicant. IP should be evaluated as goodwill of a business. It is an integral part of the books of account of the owner.