Licensing proprietary, intellectual property insures product distinction and protection from direct competition. Standard-type licensing agreements are structured around cost savings to end user, stage of development, size of market or territory, exclusivity or non-exclusivity, technical assistance, term length, renewal, and sublicensing. Royalties are structured for an appropriate rate of return associated with capital investment of protection and development. Each license agreement will be application-specific, and will be drafted to promote licensee's successful market entry. The licensing process may include several steps involving a cooperative research agreement or joint development prior to licensing.