Issue link: https://htpgraphics.uberflip.com/i/246967
Commercialisation Section 6 What is commercialisation? Commercialisation is where property is used or disposed of in return for payment, whether in cash, in kind or in any other form. In the same way as a house can be bought and sold, IP can also be sold or transferred to another owner. This is referred to as an assignment. IP can also be licensed. This is similar to a 'lease' of a flat. The IP owner permits someone else (the "Licensee") to use the IP in return for payment. If the IP has been used to make a particular product, payment will often be made in the form of a "royalty". The royalty may be a percentage cut of the price the product has been sold for by the Licensee. The table below illustrates some main points to remember: Assignment Licence An assignment transfers ownership. The owner of the IP remains the same. Once assigned, the original owner will lose their rights to the IP. If the original owner continues to use the IP after assignment, they may risk infringing the rights of the new owner. The licence can be limited in time. The licence can also be limited in scope: An Exclusive licence means that the owner can only permit one licensee to use the IP and cannot license that same IP to anyone else nor use the IP itself. You can assign ownership of part of copyright e.g. English language rights. A Sole licence means the same as an Exclusive licence except that the owner of the IP can use the IP itself. A Non-Exclusive licence means that the owner of the IP can license to more than one licensee. The manner in which the IP should be used and the field/research area in which it can be used can be defined and limited. 33