Definition: The granting of permission to use intellectual property rights, such as trademarks, patents, or technology, under defined conditions.

Types of Licensing

1. Exclusive License
2. Non-exclusive License
3. Sole License
4. Cross Licenses
5. Assignment
6. Outright Sale (selling out your IP rights)

Fee/Charges for Licensing Activities

1. Licensing fee
2. Royalty
3. Other benefits (e.g. access to resources and facilities of the organization that has license to commercialize the R&D intellectual property)

Requirements/Process

• Letter of intent from the third party
• If the third party is a company, form 24 and 49 are required.
• Negotiation on types of licensing, royalty and ownership of IP (as related matter in 4.1)
• A simple business plan/blue print of the business