Why License?
Section 2
Translation of ideas into society
It is fully understood that you have chosen a career in research because
of your interests in analysis and curiosity-driven experimentation and
not principally because of any strong interest, for example, in industrial
applications or business management. Nevertheless, having come up with
a new way of doing things, or having solved a problem or limitation, it is
pleasing to researchers to see how ideas might benefit society. This is only
likely to be achieved if the IP is converted into a useful product, process
or service through another organisation and so licensing to an existing
business is a good way to achieve this goal.
IN BRIEF
n
Financial rewards from successful licensing are usually not immediate
but can build up to respectable levels over the years
n
Licensing can be about more than making money and can lead to
other appropriate benefits
n
In many cases it is the most relevant, practical and straightforward
way to commercialise research institution generated IP
n
Patience is a virtue and will definitely be needed if you engage
in licensing.
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