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Introduction This Guide is intended to act as a practical reference booklet for use from time to time during your research career. Its goals are to increase your awareness of licensing as a possibility for transferring your intellectual property (IP) into a business/industrial context and to encourage you to be as engaged as much in the licensing process as is appropriate. It explains: n what a licence of IP is and why you may want to license IP n the different ways in which IP can be licensed what types of licence there are and what terms a licence should typically contain n n what you should be doing after a licence agreement has been signed. As the IP originator you will be very motivated to participate at some level. You will certainly have a key interest in making sure the licensing is carried out professionally and with the best chance for success. This Guide will help you ensure that by your asking the right questions and checking appropriately on the process, its progress and the documentation, that the best quality outcome is likely and that there is real momentum throughout the process. If you are better acquainted with the activity, you are in a position to add value and form a productive partnership with those leading your licensing project on behalf of your research institution and with the professional advisers engaged to advise on the project. You will also come across as more credible to those to whom the IP is hopefully to be licensed. Throughout this Guide we refer to "your IP" but this is to make the Guide personal. Legally any IP that you create almost certainly belongs to your research institution. However, in spirit, you, your institution and its IP commercialisation team will act as one. Your IP commercialisation organisation will be able to advise you further, however this Guide will act as a prompt for you in these relationships. Remember that this is just a guide and not a substitute for you taking your own independent professional advice. This Guide was originally commissioned and created by Mr Clive Rowland, CEO, The University of Manchester I3 Limited and Ms Janet Knowles, Partner, now of HGF LLP. UMIP (www.umip.com) is a division of the University of Manchester I3 Limited. © The University of Manchester I3 Limited and HGF LLP and Eversheds LLP 2003-2014. All rights reserved. 2