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License Your Intellectual Property For Extra Income

By May 8, 2012September 21st, 2017Business Contracts, Business Lawyer

If you’re selling products or services online, you’ve created intellectual property along the way. This can include special reports, eBooks, white papers, software, and even systems for doing business.

Why aren’t you licensing this intellectual property to non-competitors?

For example, look at how Disney’s Marvel division is making a mint with the new “Avengers” movie. There have been licensing deals for Avenger-related toys, colognes, cars, motorcycles, and even “collectible” key cards for a hotel chain.

You don’t have to be big like Disney to make licensing deals. There are plenty of entrepreneurs out there who have the bucks but not the ability to put together what you’ve already created. In some instances, they have the ability but would rather pay you instead of reinventing the wheel.

Remember, we’re talking about non-competitors, that is, people who don’t compete against you. This means that they’re not likely to cannibalize your existing biz if you structure the licensing deal right.

Here’s what to do…

1. Make a list of what you’ve created that could benefit someone else in business.

2. Consider what the type of rights you’d be willing to license. Think in terms of geography, kinds of noncompeting businesses that could benefit, and even foreign language versions of what you own.

3. Put together a plan with your Internet business lawyer to protect your intellectual property while licensing it to other entrepreneurs for extra revenues.

Mike Young, Esq.

Author Mike Young, Esq.

Mike Young has been practicing business and technology law since 1994 and is an angel investor in startups. He's been an entrepreneur since 1988. To get legal help from Attorney Young, click here now or call 214-546-4247 to schedule a phone consultation.

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