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How to Utilize Intellectual Property to Generate Income

One of the most important assets of a startup business may be its intellectual property. This term legally encompasses creations of the mind, including inventions, artistic work, literary pieces, names, symbols, designs, and images that are used in business

In other words, your intellectual property can be the very fabric of your business. It can be strictly protected, or it can be sold and licensed to generate an income stream.

Hence, your intellectual property needs to be the subject of a strict management strategy.

In this issue, Afshin Hakim, highly trusted startup lawyer in Los Angeles, will discuss ways you can protect your intellectual property so that you are in a stronger – and legally protected – position to grow your business.

How to Protect Intellectual Property?

Working with your Los Angeles startup lawyer, take the time to make a comprehensive list of all aspects of the proprietary ideas you feel your startup business owns.

This can include the concept of your service or product, its name or potential name, logo, slogans, and trade secrets.

Your lawyer can then guide you through the process of determining which components will need copyrights, trademark, or patent registration and protection and what other information should be protected as a company trade secret.

How to Generate Income Utilizing Intellectual Property?

While the goal is to prevent any unauthorized use of your product or services, you can still utilize it to establish a stream of income.

There are essentially two ways to generate income through the use of your intellectual property by other parties: assignment of rights and strategically licensing rights to your intellectual property.

  • Assigning rights to your intellectual property.
    This is essentially the same as selling your intellectual property, and the business or person who purchases it has the rights to use it. This can be advantageous if the intellectual property can be used to generate income with the ability to fund other aspects of your business.
  • Licensing your intellectual property for revenue.
    Via contractual agreement, you will allow another business or person to use your intellectual property, while you maintain legal control and ownership. Think of it as the relationship between a landlord and a tenant.

Licensing a product or service can allow one to utilize the purchaser’s position to potentially enter a market you otherwise wouldn’t be able to.

To Secure Your Intellectual Property, Call Hakim Law Group Today

To learn more about how to legally protect your company/business please call Hakim Law Group to schedule an appointment with the highly experienced and reputable startup lawyer in Los Angeles, Afshin Hakim at 310.993.2203 or complete our online form.