Do you have a patent? A copyright? On what? I have no idea!? Or do I. Are you a creature of things? Who could have known that your creations could earn you money. That’s right, owning a Patent, or copyright on something brings in money. How? Through licensing that is how. Essentially it’s considered renting out your idea. There are many avenues in which a person can “rent” (licensing) your idea out.
Ownership of your product/idea is important for it to become an Asset. How to rent out your asset comes down to what you want to do with it. With a little planning and lot of work you can take control of your Intellectual Properties. It is not difficult to design, or create or even dream up something. The difficult part is remembering to take legal ownership of your Intellectual Properties.
Intellectual Property refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. Intellectual property is divided into two categories.
Patents for inventions, trademarks, industrial designs and geographical indications.
Literary works (such as novels, poems and plays), films, music, artistic works (E.G., drawings, paintings, photographs and sculptures) and architectural design. Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and broadcasters in their radio and television programs.