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Intellectual Property (IP) management is the strategic and systematic handling of intellectual property assets within an organization. Intellectual property includes creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. Effective IP management aims to protect these assets, maximize their value, and ensure they contribute to an organization's competitiveness and innovation.
(These tips refer mostly to those involved in business ventures, but can be helpful for people with a smaller amount of IP as well)
3 Ways to Commercialize Your Intellectual Property (IP) Rights. (2020, February 12). McInnes Cooper. https://www.mcinnescooper.com/publications/3-ways-to-commercialize-your-intellectual-property-ip-rights/
A license is an agreement through which a licensee leases the rights to a legally protected piece of intellectual property from a licensor — the entity which owns or represents the property — for use in conjunction with a product or service.
This may not be the best analogy, but in effect, you sort of 'rent' (for money) one or more of your copyrights temporarily to someone else. An example would be the Disney company licensing to a toy company (temporarily) the right to make and sell a Micky Mouse plushie. You know Micky Mouse-themed toys are popular and will sell well, so Disney can definitely charge a pretty penny for such a (relatively valuable) license.