What is IP commercialization?
IP commercialization is the process of exploiting your IPRs to bring in maximum monetary benefits by reaching out to your potential market.
You can rent out your property to only to one person at a time. Unlike your property, you can commercialized your IPRs by permitting simultaneously several businesses located in different territories. Thus, you will have phenomenal return from you your IPRs if your exploit it appropriately.
What if?
| No innovation | > | Certainly failure |
| Innovation but no IP registration | > | Limited success because you can not prevent other from using it |
| Innovation and registration of IP | > | Commercial success |
| Innovation and registration of IP but no commercialisation | > | Opportunity wasted |
| Innovation and registration of IP and commercialisation | > | Mega commercial success |
Steps involve in IP Commercialization
- IP Audit
- IP Valution
- Registrating, protecting and enforcing your IP
- Permitting others to use your IP by executing either of following agreement:
- Licensing Agreement
- Joint Venture Agreement
- Franchising Agreement
- Technology Transfer Agreement
- Sale of IP
- Recently, Hindustan Unilever Limited (HUL) to sell its atta and salt brand ‘Annapurna’, ‘Captain Cook’ to Uma Global Foods and Uma Global Products, subsidiaries of Singapore based Reactive Brands Internation for ₹60.4 crores.
- Reasons to sale: to focus on other power brands.
- Recently, Hindustan Unilever Limited (HUL) to sell its atta and salt brand ‘Annapurna’, ‘Captain Cook’ to Uma Global Foods and Uma Global Products, subsidiaries of Singapore based Reactive Brands Internation for ₹60.4 crores.
For more details on this deal, please refer the article published in Mint, which is available at https://tinyurl.com/4h6mw2un
Trivia: Thomos Edison had pledged his patent on the incandescent electric bulb to get funding to start his company, the Edison General Electric Company.
