Commercialisation of Innovation and Reputation
Creativity, image and reputation are generally protected by intellectual property rights (IPRs) which represent the currency when dealing with such intangibles by way of licensing or assignment.
The most common transaction involving IPRs is licensing whereby the licensor retains the ownership of IPRs but allows the licensee to use the rights. Licensing-out may well be the route pursued by an innovative company with an invention but without the resources to exploit it unaided. Conversely, licensing-in may be pursued by a larger business with the commercial muscle or resources which equip that business to promote the technology or products or services incorporating the IPRs of others.