In a recent article in the Chicago Tribune, the newspaper revealed that more and more companies are leveraging their intellectual property to help them through these economic times. Companies that have unused trademarks, copyrights, and patents in their inventory that they aren’t using are auctioning them off to the highest bidder who can use them. Companies that buy these unused trademarks, copyrights, and patents are starting to use for new businesses and new products.
So how can you as a business benefit from this trend? If you have unused intellectual property, you can try to find businesses to buy it. When selling intellectual property, it is important to determine whether you want to sell it outright or whether you want to license the rights to use it for certain timeframes to ensure that if the intellectual property becomes more profitable. It is wise to speak to an attorney to ensure that your rights are protected in any contract written.
If you are buying unused intellectual property, you want an attorney for the same reason that the seller does. You may want to buy the intellectual property outright or you may want to have a staged amount of money you pay for it depending on whether it become profitable or not. An attorney can help you write the contact for purchase to ensure you get the most favorable deal.
If you are debating buying or selling intellectual property, you can contact me, your Denver Business Lawyer, Elizabeth Lewis at firstname.lastname@example.org or at 720-258-6647.