Issue link: https://htpgraphics.uberflip.com/i/116731
How can IP be commercialised? Section 1 The fundamental requirement before embarking upon any IP commercialisation activity is to protect it. Having done so, a number of options will be available to you. One effective way to commercialise (or exploit) IP is for you or more likely your institution (the licensor) to license it to someone else (the licensee) who will carry out the necessary further work, especially the marketing, distribution and sales activities. There are two main ways in which you can commercialise IP, you can either: n sell it (as you would sell a house or a car); or n permit someone else to use it (as you would do if you rented out a flat). Selling IP Selling IP to a third party is technically known as an 'assignment'. In the same way that you would not be able to continue to live in a house that you have sold to someone else, once IP has been assigned to someone else you will have no further rights to use that IP. This is important to remember because if you continue to use the IP after you have assigned it then, unless you have the permission of the new owner to do so, you will infringe the new owner's rights in the IP (which is illegal). Say you have developed a pack of teaching materials for your meteorology students. You are contacted by Ms Bright from the local television weather department. Ms Bright is interested in using your materials for training her weather staff. Ms Bright offers a significant sum of money in return for an assignment of all IP in the training materials. This seems too good an offer to miss for the department and therefore it is decided to go ahead with the assignment. The following September you continue to incorporate the same teaching materials in your first year and distance learning courses. You are contacted by Ms Bright who informs you that if you wish to continue to use the teaching materials, a licence fee of £220 per student must be paid by the Research Institution for use of the materials. Ms Bright is perfectly entitled to do this on the basis that the local TV station is the new owner of the materials. Clearly you should have thought about this before assigning your IP and got a licence back for use in teaching at the very least. 4