“Frequently, the quickest way to access technology or expertise, is to take a license to use it, rather than to try to re-invent the wheel. Conversely, the most effective way of commercialising intellectual property rights a business has developed is often to license others to use them in return for payment, especially in unfamiliar markets. For these reasons alone, both licensing in and licensing out should be essential tools for businesses in the never ending fight for competitive advantage.”

Discuss: 

1. Exploitation
2. Access to technology
3. Expand territory
4. Contract
5. Liability
6. License in patent, trade secret

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