T oday, the global economy is highly interconnected and this is where licensing has become one of the most effective means of businesses to broaden their coverage, to safeguard intellectual property, and to raise revenue without massive investments. Licensing in business and intellectual property in simple terms , can be defined as a contractual agreement where the owner of intellectual property, who may be a trademark, a patent, a copyright or even a brand, permits another party to utilize the property, subject to certain conditions. By this agreement, licensors (the owners of the IP) can earn money by the use of their intellectual property and at the same time, licensees (the users) can obtain useful assets without necessarily producing them independently. As an example, a technology company can license some software to a different company, or a fashion brand can license its logo to a producer. Licensing is an effective method of striking a balance between protection and profitabi...
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