📝 You can license your intellectual property to be used by another third party. Licensing gives someone the right to use your patented invented or copyright material or even your trademark. For example, a soft drink formula or an article for publication – in a certain area or for a particular group of customers. The licensee pays you royalties in return. Typically, you receive a small proportion of the value of the product, based on what it cost to produce before transport and distribution costs are added. This may add as a further method to generate income through intellectual property right.

Derived from https://www.marketingdonut.co.uk/marketing-strategy/branding/make-money-from-your-intellectual-property