Some technologies will be more suited to licensing than others.
Established businesses with strong market presence on occasion will offer the lowest risk route to introduce and widely distribute a new technology offering.
A technology licence is an agreement whereby one party owning a particular technology / intellectual property (licensor) allows another party (licensee) to use the intellectual property, usually for a financial consideration.
Examples of the ways in which a licencee uses the IP can vary and may include rights:-
- to manufacture / distribute a new product;
- to incorporate or modify the IP into an existing product / process
- to use a particular method or technique of manufacture / production
- to further licence (sub-licence) the IP
The type of consideration or compensation that may occur in a technology licence is also very variable and may include:-
- Up front payment of a lump sum and/or
- An ongoing royalty payment
- Equity / shares
- Reciprocal arrangements to use licencee’s technology
All income received by Innovation Ulster Limited will be distributed in accordance with the Ulster University IP Policy and Procedures.