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Does Patent Licensing Mean Innovation?

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Abstract

Patent licensing has become a platform for mutual cooperation and togetherness. It has engendered what we call ‘innovate by patent barter’. For, in today’s technology world, it appears no one has it all; some have got the technical knowhow, some others have got the name, while some others the money. What patent licensing does is that it foists these abilities on a common platform and makes it possible for companies in search of additional technology to obtain same at a simple cost. The end product of these patent licenses has since become novel products and technologies. In this paper, our aims and objectives here shall be to show how patent licensing has become a fabricator of innovations, for while some assert that patent licensing is only a money making venture, we hold a contrary view and in fact seek to show that cross licensing, a novel kind of patent licensing involves little or no money, rather it entails just the exchange of patent. We shall be attempting to do this by carrying out a study of existing literature on the subject, as well as analyzing primary and secondary sources of information on the subject, in order to reach the conclusion that indeed patent licensing does mean and is synonymous with or in the long run, leads to innovation.