The best way for businesses to safeguard their brand rights begins with creating intellectual property that pays dividends by staying more critical than just using it as IP rights. Be mindful that intellectual property rights (IPR) include trademark, copyright, and patents that are legally recognized. The materials are books, software, logotypes, brand names, artworks, software, photographs, and more. IP protects your creation of any illegal use; without your permission, no one can use it. It also allows you to permit someone to use the intellectual property and to start charging your intellectual property. The first step in securing your IP is to opt for online trademark registration in India, along with patent and copyright.
The earlier you know that IP isn’t the pillar of the industry, the easier it is for you to use it. Finally, you can set up your own company and optimally use IP rights in combination with the opportunity to start your business and make a profit through your licensed concept.
Here are a few ways to exploit your intellectual property and open up a new stream of revenue for your business.
#1. Franchisee Option
Franchising is an ideal way for other firms to take advantage of their IP. The franchise fees are paid for the use of the product and brand name. It’s great even when you are building a reputation in your territory to grow your business. It should be noted that the franchisor is still entitled to critical business knowledge and that it is always protected by Indian Copyright Act 1957. In case of a failure to provide statutory security, the franchisors must also be supplied with contractual remedies. Detailed guidelines on shared intellectual rights can also be integrated into the franchise agreement.
#2. Tweaking your Existing IP
It is possible to tweak and sell your intellectual property for the profit if you have an already developed IP. Patents involve a way in which the proprietor may make minor changes and apply for an improved patent to register a new IP. Doing so and selling the newly developed patent is also a great way to earn out of your intellectual property. Usually, businesses build on the old patent concept and turn it into something new wherein they can exploit it through licensing.
#3. Licensing your IP
Another approach to monetizing intellectual property is by licensing its use. For example, you can pay the royalties for letting others use the work that is copyright registration like music, piece of art, poetry, etc. Similarly, pick the transaction model and make it a one-time transaction. It typically refers to patent holders who will democratize the proprietary product/process for a one-time charge.
Most software companies use licensing as a means by the intellectual property to generate income. With the purchase of software, you have the end-user licensing agreement (EULA) to agree before the installation. The 2nd owner of your UP could further leverage the license for intellectual property, and they also empower themselves with the potential to produce further profits.
#4. Selling your IP by way of exploiting it
You must first build a line of goods or services if you wish to benefit from selling your intellectual property. When you have it, the IP associated with the product is generated to allow the product with a similar IP to be sold. You can do this by IP-based agreements.
If you still bind the concepts to marketers, creators, and staff, a confidentiality agreement is recommended. Know that these contracts are always negotiable, so you will use them to enforce them individually against those with the same concept. It is something that a patent holder would like to do.
Now, if things grow from a concept, and a market-shaping is developed, you can secure the company with its IP. The proprietor of intellectual property is thus “assigned” the right to use it for some purpose. Also, there are many other non – conventional IP sales approaches that any organization can choose to explore.
#5. Creating a Brand
There is more to a brand than just the logo. Regardless of the brand name and work you do in its name, you are bound to build its reputation in the market. A good predictor of your success is brand identity. The brand name wins a landmark each time the company earns its slogan, logo, patented process, or a new invention. You also have the option of marketing patents to increase brand value and stay ahead of the curve against the rivals.
For example, Audi ran a campaign for its A6 model, announcing more patents filed for the model than the space programs by NASA. Companies who discuss patenting for their marketing activities are likely to have a much higher impact than rivals on the consumers. The market and consumers will begin to view them as pioneers, and the company will take advantage.
You can use intellectual property rights in India by way of copyright, patent & trademark, and much depends on your decision to sell your intellectual property. You may create a new, periodic, or one-time source of revenue for the company by exploiting the intellectual property. Remember, in exchange for intellectual property; you can also consider non-monetary benefits. This includes everything from getting the free lifetime supplies for the best use of your IP products to other services that the businesses can render.