According to a U.S. Patent and Trademark Office report released in 2012, the country’s intellectual property has an estimated worth of $5 trillion, more than the nominal GDP of any other country in the world. Yet a recent royalty compliance report released by Invotex shows that 89 percent of audited licensees underreport and underpay royalties. The number is staggering.
What made 11 percent of the audits accurate, and how can your company realize that kind of outcome? Like all things, it requires time and attention. Having a good working relationship with your licensee is a start. Here are a few tips for getting your program on good footing:
