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now what is the role of Licensing in business and economy the first question is is intellectual property wealth in itself well we say that in the knowledge economy intellectual property is wealth but intellectual property is not wealth in itself it can be converted into wealth by its exploitation and licensing is the major way in which intellectual property is exploited is it really the second question is is it really possible for the creator to utilize his property himself well that may be the case in many cases but in most of the situations the intellectual property is utilized by somebody who is not the owner that means the owner invites somebody or permit somebody to utilize his intellectual property and that permission is known as a license the third question is is it possible or feasible for businesses to create everything in-house in a modern economy well no mostly businesses depend its business these days as a collaborative venture so you cannot create all the intellectual pro
